Oil on the rise

FX:USOIL   CFDs on Crude Oil (WTI)
57 0 3
WTI / Crude / CL             / USOIL            

Whatever you want to call it I see a bread and butter H&S pattern playing out

Wouldn't be surprised if we see another test of S1 to shake weak longs out but the support held well

Right shoulder pull back currently bounced off the 50% retracement level which is another confluence i look for

Strong inverse dollar correlation could mean that with my bullish dxy             bias the pattern may fail to S2 so will be monitoring DXY             closely

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