Hello traders, the price action of Crude Oil tells me it may be heading to test the next resistance at $50.5 - $51 which was a strong support back in 2019. This is going to be a strong resistance zone after which I expect the price to retrace back. Overall it looks like we are forming a wedge in the daily/ weekly charts. Wedges usually break to the opposite direction of the preceding trend so I expect this wedge to break to the downside after we test the $50.5 to $51 resistance. As long as the price hold above $46.3 and $44, we can easily target the upper band at $50.5.
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Good luck with your trades.
Please share your thoughts and if you like this idea, please like and follow.
Good luck with your trades.