Testing weekly resistance
Oil price is climbing back to test the bottom of a broken channel (resistance) and the 200 weeks MA line.
This is the key focus zone for the coming days/weeks.
Failure to break into the channel will lead to another bearish wave.
A close back inside the channel will trigger a false break scenario and potentially ignite a rally in oil prices.
This is the key focus zone for the coming days/weeks.
Failure to break into the channel will lead to another bearish wave.
A close back inside the channel will trigger a false break scenario and potentially ignite a rally in oil prices.