BIG Clue: USOIL Price Compressing Above ResistancePrice is currently compressing, and suggests that a strong impulsive move is likely once price strongly escapes the structure.
See how price has been pressing directly against the upper trendline. This is an area to pay close attention to because repeated tests of this descending resistance can weaken it over time. The recent bullish candles approaching the trendline show growing buying pressure, which increases the probability of an upside continuation.
So for me, a move toward the 62.00 level would be technically well justified and achievable.
The support zone below is a structural base for the entire formation. Price remained above this zone. The failed bearish attempts to push price back into this zone further support the idea that sellers are losing control.
The key confirmation for the bullish scenario is a successful retest of that same trendline as support. If price holds above it and prints continuation strength, a move toward 62.00 becomes the dominant scenario.
But if price instead gets sharply rejected and falls back inside the formation, another rotation toward the lower boundary of the triangle would become likely before any breakout attempt.
This chart is currently in a classic pre-expansion phase. The next impulsive candle will likely define the direction for the next big move.
