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Crude oil: Bearish formation

Crude oil recently formed a pullback that retraced nearly 50% of the previous fall. In terms of classical technical patterns, the oil is forming a Head & Shoulders (H&S) pattern. The pullback was the right shoulder of the bearish pattern. To end the pullback the oil formed a two bar reversal. Thus the high of 5403 (on a closing basis) can be considered as a reversal level for the bearish view. The daily momentum indicator has done a pullback cycle.On the downside 5193 – 5182 is a key support zone. The equality target ie the conservative H&S target is 4980.

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