Crude Oil Back and Fill Action at the Breakout Level
Daily (Log Scale)
Chart Prepared by Jamie Saettele, CMT
-Some much needed back and fill is taking place at the trendline that originates from the May 2015 high. More importantly, the June and October highs are being tested. A decisive break higher would complete a 16 month inverse head and shoulders pattern. The right shoulder has formed as a symmetrical triangle. A great deal of potential exists from the combination of patterns. The inverse head and shoulders objective would be 75.72.