After a huge drop in OIL price, recently this market has been forming an inverted H&S on daily Timeframe . The nearest major resistance is at 62. Whether it can reach to 62 or not, depends on USD and CAD as oil price is positively correlated to CAD and negatively to USD.
If the neckline breaks on OIL market we should be able to see USDCADflag formation to be broken down too.
Opportunity to add at 53.69 where most of the sellers SLs are ...!
Trade closed: target reached:
Closed with 169 pips of profit
As you can see trade opened at 52.74 and closed at 54.44
Thanks for following,