Oil is reaching the rising wedge infliction point
Oil is testing the 85. This is the medium-term rising wedge upside resistance for an extension higher to 90 which is the channel resistance. A rejection here will lead to a correction lower to 77 and this represents a good opportunity for swing traders. The overall trend is upside but here we could see a correction before reaching new highs.
Note: look for the short trade entries with the stop loss above 85.50.
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