Oil made a Double Top last week on 4H just below the 58.00 mark. However the pull back was supported on the inner trend lines of the 1D Channel Up (RSI = 56.821, MACD = 1.010, Highs/Lows = 0.0000) indicating the possibility of a soft Higher Low. 4H resembles an Ascending Triangle aiming at its 58.80 Resistance. This is our weekly target. If the inner supporting trend lines break we will buy near 54.00.
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