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Oil trading on two major resistances. Breakout possibly leading to key buy signal
An interesting battle is currently happening with oil. Its first two days of the new year were really negative and the price pretty much collapsed, erasing the gains from the second half of December. Buyers managed to stop the decline and performed a counterattack seen now on the chart, which can actually be a start of a proper, mid-term bullish wave. This drop and rise from January actually formed a right shoulder of the big Inverse Head and Shoulders pattern (orange). This is a bullish formation that usually starts a new upswing. One thing is missing here for the technical buy signal – the breakout of the ... (full story)