Recently I posted about being patient with this instrument. It has excelled bullishly in recent weeks, even though the majority of Western consumers are in Summer and the demand is therefore less for this commodity.
A H&S pattern looks to have emerged and with a few weekly + Monthly pivots missed my target is the 38.2% Fib level. the reason for retracing down to this point is it may resume the weekly trend and form new lows, however at this point its best to assume that a minor retracement is on before assessing what will happen next.
Sell orders could be placed below the neckline and then stop losses above the right shoulder (right curve) with a target of either the 50% but ideally the 38.2% fib levels.
For more information visit my Tradingview page and you can sign up to my website for further ideas or just follow me on here!
A H&S pattern looks to have emerged and with a few weekly + Monthly pivots missed my target is the 38.2% Fib level. the reason for retracing down to this point is it may resume the weekly trend and form new lows, however at this point its best to assume that a minor retracement is on before assessing what will happen next.
Sell orders could be placed below the neckline and then stop losses above the right shoulder (right curve) with a target of either the 50% but ideally the 38.2% fib levels.
For more information visit my Tradingview page and you can sign up to my website for further ideas or just follow me on here!
