I would look at a monthly chart. If we go south, oil will blow off to the high 50s towards the end of the year, or continue to bounce around between $60-70 for several months, and then make a new high in 2006. --Unless, of course there are new fundamentals in supply and demand. And that doesn't mean hurricane disruptions, OPEC chatter, reserve-tapping, and what Steve Forbes thinks.
However, head and shoulders refers to stocks, not necessarily commod. This is momentum trading, and situational momentum - read: volatility. External forces are acting on energy right now, and this particular method of T.A. works well for stocks with tops and bases, it does not hold up in this screwy up and down market, at least, I would not buy oil just because of head & shoulders, or did you mean this:
crude is forming a descending triangle place stops above resistance and below support (oco) to catch the breakout