Tullow oil – Is it forming head and shoulder?

Tullow oil shares have had a five-day winning streak on the back of rally in oil prices. Shares are trading moderately lower today in line with the weakness in oil prices.

Oversupply concerns have raised their ugly head off late and may cap the corrective rally in oil prices if today’s US government data shows gasoline inventory buildup.

On the daily chart of Tullow Oil , we see a bearish crossover between 50-DMA and 100-DMA . Both money flow index and MACD remain in support of further gains, however, look closely…prices are currently trading around mid-March 2016 highs around 227 levels.

In case, prices fail around 227 levels, we could end up with a head and shoulder formation with neckline support at around 180 levels.
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