At the four-hour H4 chart OIL.WTI can be seen a slowdown in the uptrend, evidenced by the recent highs and lows. An additional tool to help determine the deceleration of the trend are the moving averages EMA on H4 (75- and 100-periodic), which are flattened and begin to direct toward the bottom. The high of 19/10/2016 is the head of Head & Shoulders.
Minimal range of formation is located between the support and round level of 47.00 USD. Price tested the previously broken line of the neck, which coincides with a circular level of $50.00. There is a noticeable reaction of supply, which is also confirmed by volume. Strong support is at around 47.50 USD. Strong resistance is the round level of $50.00