WTI crude oil could be in for a reversal from its uptrend, as price is forming a head and shoulders pattern on the short-term time frames. Price has yet to break below the neckline to confirm that a downtrend will follow. The 100 SMA just crossed below the 200 SMA to indicate that the path of least resistance is to the downside or that support is more likely to break than to hold. In that case, crude oil could fall by the same height as the chart pattern or around $20. Stochastic is already dipping into the oversold region, though, so sellers might be feeling exhausted and willing to let buyers take over. If that’s ... (full story)