On the Oil daily chart, we can see that the instrument is rejected by the 54-55 upside resistance zone which also looks like an Inverse H&S neckline. A daily close below the 50.60 level will completely invalidate usually bullish Inverse H&S formation. A daily close above the 55.45 is required for an Inverse H&S upside break.
Note: look for the short trade entries for a downtrend continuation in a case of a daily close below the 50.60.
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