The measurement of the inverted h&s gives a target of 78$; the first bigger resistance level is 62$; I would say that 70$ is a reasonable target. I don't have a specific level in my mind, I am just bullish on oil, which just keeps going higher and higher, helping the inflation outlook in Europe along the way.
Soft stop around 50$ ( I would need to see a serious close below the neckline in order to get bearish). Look for a target in between 62$ and 70$ in the next few months.
Soft stop around 50$ ( I would need to see a serious close below the neckline in order to get bearish). Look for a target in between 62$ and 70$ in the next few months.