UK Oil Breaks Out Of Bullish Head and Shoulders Pattern

The below is the daily chart of UK Oil. UK Oil has broken through the neckline effectively completing a head and shoulders pattern. The RSI(9) is above 50 and indicative of underlying bullish momentum. An inverse head and shoulders is a bullish pattern. Technical targets are academic in nature, sometimes being hit and sometimes not. Nevertheless, we note that this pattern’s target is around the $76.30 level.


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