OIL -12/9/2022-

• Oil prices turned bullish recently
• Short term trend is bullish, possible minor head and shoulders in play
• If the scenario is to become true, we are now forming the right shoulder, the last move before the breakout
• Highlighted on the chart is the distance between the head and the neckline which is around 9.00$
• If the bullish breakout occurs, we project this distance to the breakout point
• Target should be around 100 figure, if we get the breakout around 90

• Note: Patterns have a chance of failure quite some times, so it is always recommended to wait for a breakout.
Traders should be patient and try to get as much confirmation as possible such as increasing volume at breakout.