orvilleawright

Oil is now at the top of a wedge pattern on the 4H chart

TVC:USOIL   CFDs on WTI Crude Oil
Oil             is now at the top of a wedge pattern on the 4H chart. Look to see how price reacts at this falling resistance. It is also close to the 127.2% extension ($47.53) of the previous swing high. The previous high of $47.72 created on September 8 could also act as resistance. Look to buy retracements but be aware of overhead resistance zones. Look for reversal patterns at these resistance levels.
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