Crude has formed an inverted H&S at key support and is looking for more upside.

After a huge move that pushed it from as high as $77 to almost 42 within a 3 month period, crude found a low 1 day before the Christmas break. It has since formed an inverted H&S pattern on the 4h chart and today’s outside daily white candle and RSI index point higher as well. The pattern’s target is at $50.56 and as long as we trade above the right shoulder’s low ($44.20) it remains valid and active.

Crude inverted H&S

Steve Voulgaridis