Oil has broken above the 1W Descending Triangle (RSI = 51.237, ADX = 25.508, Highs/Lows = 0.0000) yesterday. This development, coupled with the break-out above the 0.618 Fibonacci retracement level on 1D (RSI = 57.737, MACD = 0.270, Highs/Lows = 1.1179) indicate a strong potential for a long term trend shift to bullish.
61.00 is the next Resistance to test and it remains to be seen if the new Channel can create a symmetrical Higher Low supporting trend line (bold dashed line). Under these conditions, long term traders may target the 63.80 - 66.66 Zone.
See how the mini 1D Descending Triangle traded previously:
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.