USOIL: Potential Inverse H&S

USOIL has made a strong comeback after crashing to nothing. It has broken the Fibonacci level of 1 ($43.75) in previous months which has shown strong support.

There could be a potential inverse H&S where the neckline could target the extension level of 2 ($87.50) before falling to create the right shoulder back to level 1 ($43.75) where a rebound is expected to complete the inverse H&S.

This technical analysis is for educational purposes only.