Pattern: Channel Up on 4H.
Signal: (A) Bullish as long as the (red) Inner Higher Low trend-line holds. (B) Bearish if th Channel Down breaks downwards.
Target: (A) 35.00 and 37.00 respectively (near the two Resistance levels). (B) 26.00 (just above the Symmetrical Support).
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The July delivery contract is seemingly in a decent spot for buyers. Having retested the bullish structural gap area, oil is now trading at a price where many players are waiting for it choose the direction, which will ultimately accelerate the consequent move as players book profits/losses. This can be interpreted as having greater control of risk, as a $1.5K...
