Oil is currently in a broadening wedge, unless it manages to break out of the wedge it will eventually have to come back down. I put emphasis on eventually it can stay at that upper trendline for a while. Wait for confirmation before entering any shorts. First look for divergences in your preferred indicators then, wait for a MA crossover so you don't get whipsawed, that's at least my strategy.
Comment:
It's because of this trendline why i'm confident it won't breakout of the wedge:
Comment:
You can already see a divergence in the RSI: