UK Oil Breaks Out Of Bullish Head and Shoulders Pattern

Russell Shor, CFTe, MFTA FXCM

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.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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