US Oil is heading towards the resistance line of a Rising Wedge and could reach this point within the next 10 hours. It has tested this line numerous times in the past, and this time could be no different from the past, ending in a rebound instead of a breakout. If the breakout doesn’t happen, we could see a retracement back down to current levels.
A Rising Wedge has formed, US Oil is approaching support. Can we expect a breakout and the start of a new trend or a reversal?
