On this weekly chart, we are drawing Pitchfork channels on Oil.
On the weekly Oil chart, we can see that the instrument is bouncing form the strong support 61 level and is touching the median line of the Pitchfork channel 67.39 level. The break above this level is required for the continuation higher.
We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets. Look early next week for a long trade entry with the SL below 66 level targeting the 72.70 level first.
Happy trading! (click on the chart to enlarge it)
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