US Oil is heading towards the resistance line of a Channel Down and could reach this point within the next 21 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.
After testing the resistance line numerous times, US Oil is once again approaching this line. Can we expect a bullish trend to follow?
