Oil prices continued to climb last week and managed to close near the high despite a consolidation which did cause a breakout of a rising structure.
It was climbing within a rising channel but was broken eventually after facing multiple rejections at 74.
However, a bearish trend was not even able to form and the price quickly rebounded off from the bottom of the consolidation and continued with forming higher lows.
This week, we will wait for a pullback towards 73.5 to go long again but keeping in mind that the upside could be limited as it's about to reach the equilibrium level at 76.6.
It was climbing within a rising channel but was broken eventually after facing multiple rejections at 74.
However, a bearish trend was not even able to form and the price quickly rebounded off from the bottom of the consolidation and continued with forming higher lows.
This week, we will wait for a pullback towards 73.5 to go long again but keeping in mind that the upside could be limited as it's about to reach the equilibrium level at 76.6.
