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OIL in 1hr Ascending Channel

CFDs on WTI Crude Oil (TVC:USOIL)  
Sinex Updated   
TVC:USOIL   CFDs on WTI Crude Oil
Chart Patterns Trend Analysis Parallel Channel Oil WTI Ascending Channel neutral confirmation
6
4
chartpattern trendanalysis parallelchannel oil wti ascendingchannel neutral confirmation
Oi finds itself in another parallel channel. This time it is ascending and often
bearish. With lighter volume, oil continues to suggest that the
target of 93.23 will not be reached. Going forward Oil MUST reclaim the middle of
the ascending channel to stand a chance at a move higher. If it turns back at that price
level and specially breaking the bottom of the ascending (blue) channel this rally
is likely over for good.
Comment:
No breakdown of the ascending channel and a bounce off the bottom of the channel suggests this will go higher for now.
Divergences on higher time frames (not shown here) suggests that this rally will be over likely reaching our 93 target before.
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