Crude Oil, Bullish Parallel Channel Analysis

NYMEX:CL1!   Light Crude Oil Futures
Crude Oil is bouncing between the Support and the Resistance of this Bullish Parallel Channel. Now we are also retesting the long-term support level . Bullish Volume is strong and the RSI is in the range. It's an Interesting Area!
In this case three things can happen.
  • Bounce higher, the Target would be the long-term Resistance Zone
  • Break Down the Current Support and retest Channel's Support
  • Sideways Trend until it reaches Channel's Support

Sky is not the Limit

The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
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