Oil found strong resistance at 98.00, as price attempted twice to break it but failed so far, forming a potential double top reversal pattern, the double top if completed would signal a serious sell-off in the near term, however, for the pattern to technically complete, a break below the neckline at 95.00 is required. The ideal target of the pattern resides near 92.00 area.
** Overall trend ( More than one year)
** Intermediate ( More than three months)
** Short term ( Less than three months)
** Chart is based on GMT+2 timing
Notes:
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Allow for +,- 5 points margin