Crude Oil - Reverse head & shoulders formed

USOIL

Crude Oil - Intraday - We look to Buy at 55.25 (stop at 54.50)

A bullish reverse Head and Shoulders has formed. Neckline comes in at 55.25. The formation has a measured move target of 60.40. We look for a temporary move higher. Preferred trade is to buy on dips. Further buying is expected to follow with the hourly Ichimoku cloud and our bespoke support (55.21) offering incentive.

Our profit targets will be 57.50 and 59.00

Resistance: 57.25 / 58.00 / 59.00
Support: 56.00 / 55.25 / 54.50