Oil is testing the strong support
Oil is testing the strong upside confluence support. This is coming after the strong pullback from 130. Now it is testing the strong confluence of the support 85-90 zone. Uptrend channel support, previously broken uptrend resistance retest. It is also 61.8% retracement of the previous March-May 2022 swing higher.
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The weekly chart reveals an uptrend channel line support 87 which also could be validated as 4th wave of the 5 impulsive waves higher. If we get a bounce from here this will mean that we have this 5th wave higher for a retest of the high. Break below this level would lead to an invalidation and the deeper pullback.
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