Oil trading inside a bullish wedge on the 4hr. This whole possible pattern seems to be sitting inside a bigger descending broadening wedge formation on the dayly. The wider range UTL seems significant. Theres a potential bullish divergence cooking on the 4hr MACD. If the divergence gets confirmed the minimum "must reach" target would be the green dotted horizontal line @ $59.95 Also at the same level we have possible resistance, and if its taken out the UTL of the big descending broadening wedge should work as a magnet for the price as it will be looking for it, though it doesnt mean it will go straight away and touch/break it but it will travel in various ways but will make it to the final destination.
Cheers and looking forward to hear some comments from the oldschool TA pros.
Regards,
P.
Cheers and looking forward to hear some comments from the oldschool TA pros.
Regards,
P.