Chart Of The Day - Oil
When the bears become extremely vocal about price moving lower, that is almost always a sign that a bottom is at hand. Retail traders become the most confident in direction when price is stretched the furthest from the mean. The opposite strategy works much better. Look how far below the 50 DMA price stretched. That wasn’t the time to be bearish. It was the time to look for a bottom.
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That's a perfect inverse head and shoulders, but sometimes the most obvious patterns are the ones that fail. I definitely don't think $20's are in the cards, but the high $30's seem like a reasonable target to me.
Thanks for sharing