WTI oil pulled back from the upper trendline of the ascending channel, attempting to draw the long black candle:
* The trendline of ascending channel
As we can see from the 4-hour timeframe, a double top with the neckline of 72.20 has formed. Once this pattern affects the current situation, oil rate could drop to the level of 70 dollars per barrel. This is the level which will define the next move of the oil:
*Double top, *The neckline
American index S&P 500 closely approached the level 2800, therefore we could expect for the candlestick pattern to form and signify realization of the Southern scenario. Index may potentially drop to the level of 2718.00:
Please note that this material is provided for informational purposes only and should not be considered as investment advice. Trading in the financial markets is very risky.