WTI OIL Hit the bottom of H&S. Scenarios and how to trade them.

WTI Oil (USOIL) hit today the bottom of a Head and Shoulders pattern since late October. With the Head being on November 07 and rejected on the 93.75 Resistance (1), the current Low is a short-term buy opportunity, targeting the 4H MA200 (orange trend-line) and the 4H MA50 (blue trend-line), as long as today's Low holds.

A closing below the bottom targets the Support Zone 1 but the long-term Support is the 1W MA100 (red trend-line). We see that such scenario matches almost perfectly the previous Resistance (1) rejection from October 09 to October 18. The MACD sequences between the two fractals are similar.

On the other hand, a break above the top of the Right Shoulder, would be a bullish break-out signal targeting again the 93.75 Resistance (1).



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