has been in a 9 month inverse descending triangle
which is a bullish
data continues to be report lower than expected which is another bullish
signal. From july until now oil
has been creating an inverse Head and Shoulder. As we can see today we broke the left shoulder to the upside. Im expecting a retest of the 70.5 level and continue its rally to 75 possibly 80$ per barrel. Currently, im long oil
at 70.50 with a stop loss at 69.60. The trade basically is a 1:5 potential trade.