Crude Oil – Major Breakout

Daily (Log Scale)

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Crude oil has broken out and the target from the major pattern is over $20 higher. “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.”