Technical Analysis is all about reading the Patterns Correctly.
Clear Patterns gives decent money.
Let’s see what crude has to tell us !
Weekly chart – After a downtrend, Crude has made inverse Head & Shoulder Pattern at the bottom. Crude also completed its 4th wave inside the parallel channel and now started its 5th wave upwards. One more important thing to learn here is that Price is making Higher highs (HH) and Higher lows(HL) showing signal of a bullish Trend.
Monthly chart – If you see monthly time frame, There is a descending triangle formation on which crude has started its 5th wave upwards.
So after looking weekly and monthly chart Crude is giving bull signal for a short term Target of 56-58$ and above 58$ one can look for a target of $70-$75.