Either of the two projection paths of the estimated reversal a | The Financial Analyst

Either of the two projection paths of the estimated reversal are most likely take place:

1. Formation of an Inverted Head & Shoulder with the base area of neckline being @ $82.

2. Formation of Double Bottom structure with the next low forming above or at the level of $70.

Additionally for the reversal to transpire, the trader should ensure that:

1. The low of the recent swing ($70) should not be breached at any given point in time.

2. The RSI must give a breakout above its key area of interest of 47.

Once these conditions are fulfilled, traders can expect a significant price movement in US Oil on the upside.

Best,
Himalay Bhatia