US Oil is heading towards the resistance line of a Channel Up and could reach this point within the next 6 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.
Important resistance line being approached by US Oil. This price has been tested numerous time in the last 2 days
