olly_price
Long

Oil: rising wedge providing possible movements

FX:UKOIL   Crude Oil (Brent)
This rising wedge indicates a number of possibilities for the next movement in brent oil             .

Could be a trigger for a bearish move down, or provide further momentum up to the mid $50s.

I think that given the views of the new Saudi oil             minister al-Falih and the possible beginnings of a market rebalance following Saudi Arabia successfully pushing a chunk of the US out of the market (see Goldman Sachs), plus a wave of petrol demand in India, this will trigger the next move up towards $56 per barrel.
Trade active: Short
Comment: Nearly there
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