Oil is breaking the rising wedge
Oil has reached the 42 key upside resistance level. The rising wedge has been formed and we are seeing a rejection and a brief break below the wedge support 40. For downside reversal and higher probability short trade entries, we need to see a break below 39. Oil reached previously 42.50 in a swing upside from 6.65. The overall long-term is a downtrend and a break below 37.50 will lead to an extended continuation downside and a test of 28.70.
Note – We are inclined to short trade entries with a stop loss above 41.50
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