Investors long Crude Oil the past month have taken a bath in the position, as it is down nearly 20% in 4-weeks. Below looks at an update of the pattern.
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The 20% decline has Crude testing triple support at (1) above.
Could the most important commodity on the planet be putting in a low at what could be the right shoulder of a bullish inverse head & shoulders pattern? Possible
Sentiment would suggest that few believe this is possible, with 65% of investors at Stocktwits feeling bearish about Crude.
If the inverse H&S pattern is to play out, one would want to look for a reversal pattern at (1).
Could be important what Crude does here friends!