WTI Oil – Potential for inverse head & shoulder breakout exists

Given the daily RSI has not reached overbought territory in the latest bullish wave from August lows, the potential for a break above inverse head and shoulder neckline level of $51.92 exists, especially if we see a rebound from $49.82 followed by a break above today’s high of $50.96.

On the lower side, only a daily close below weekly 5-MA level of $49.82 would signal a temporary pause in the bullish move.