Complex Inverted Head and Shoulders Pattern on Oil?
Trending lower since March 2022, the daily timeframe of WTI oil is in the process of chalking up what is referred to as a complex inverted head and shoulders pattern. We have yet to see a completion—a close above the neckline, taken from the high $83.32—but it is certainly something to be mindful of going forward.
You can also see a potential double bottom pattern forming through the two right shoulders with the neckline at around the $82.60 high (23 Jan 2023). However, this is not an ideal double bottom, as there is no clear down move preceding the formation.
You can also see a potential double bottom pattern forming through the two right shoulders with the neckline at around the $82.60 high (23 Jan 2023). However, this is not an ideal double bottom, as there is no clear down move preceding the formation.