Oil – Technical Analysis, W1
The price of oil has started an uptrend a week ago. From the technical point of view the fact that the candle closed above the upper bound of the downward channel (flag formation) was a good signal for the bulls. They pushed the price higher breaking recent tops at 116,44 this week. At the moment the next potential resistance is located at the 120,00 USD but if it’s broken the market can move even to the 126,70 top. The bullish scenario could be negated when the price moves below the 110,00 USD and return to the mentioned channel.
