Oil is testing the most important resistance

Oil is testing 72

 

Oil is testing the most important downside resistance/upside support 72. This is the intersection of the two long-term bullish wedges, broadening and descending wedge, and a bounce off here is required for the upside reversal and a test of 83 on the upside. A break below 72 with the confirmation can lead to 60.

Note: look for the long trades with a stop loss below 71

 

 

 

 

“If you think Investing is risky, wait till you receive a bill for not Investing!” Jim Rohn

 

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