Oil is testing the breakout resistanceÂ
Oil is supported by the uptrend line 59.40 and is testing the long-term breakout resistance 60. It has bounced off the support line and is continuing above 59.40 to target 65 but it needs to break 60 resistance with a confirmation. A break below 59.40 will give us a short-term sell opportunity for a deeper retrace to 53. As long as the Oil is above 53 the uptrend is intact.
Note – We are inclined to long trade entries with the stop loss below 59.40 on a confirmed break above 60. In the case of closing below 59.40, you can open the short trade
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