Oil is breaking above the consolidation resistance
Oil is breaking above 42 resistance. A confirmed break above the next resistance 43.80 will give us a higher probability of the long trade entries. A break below 42 is now required for the upside invalidation. The overall medium-term is an uptrend but we need to see and a continuation above 43.80 to see a hard upside extension. Break above this consolidation and a test of 43.80 are clear indicators of the upside continuation.
Note – We are inclined to long trade entries with the stop loss below 43 upon a confirmed break above 43.80.
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