Quite some time, that I posted an article, but that chart was too good to be left on my computer alone.
A rising trendline against a stationary resistant line. It's that time of the year, where we usually will see oil prices come down a bit on a seasonal basis. And you see that on that daily chart above already. We had no major hurricanes, no militant attacks, no craziness from the OPEC but oil is still holding up - trying but refusing to make lower lows.
That means, we will see a test of that 76 level again. And you know what they say: On a third test, they usually break, making the way free for the 85 target area.
Sure if that test fails, the fall will be long and hard, as the only real support comes in at the 68 and 61 levels.
Right now I like to go long oil around that rising trendline.
