Crude oil is following yesterday’s move lower with some early weakness. Below, is a short term chart showing recent price history with price knifing through the $51 level like butter:
However, once we zoom out to a longer term time frame, the bullish reversal pattern is still intact with price forming the infamous inverse head & shoulders pattern:
I’m still a bull on oil and will view dips in oil as a buying opportunity. $51 & $55 are the important levels to watch on the upside. For now, let price find its true value.
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