In my previous post I wrote about the bullish set up in the technical charts. I outlines the right wing broadning pendant, long term trendline, and long term ascending triangle. I pointed out the possible risk of the IRAN deal being singed, fortunately for oil it appears that those talks have ended, as a result of the due date for a deal has passed.
So now what? Well we are right at resistance as seen by the previous 3 rejections. We got rejected over night, but it appears that the rejection is not as strong this time. Its still early to say, but based on the current candle we have a green candle, which indicates that buyers have come in and bought the rejection. This is different to the previous 3 rejections, where the rejection resulted in rapid selling, and buyers didnt come in until it hit the lower trend line.