oil confrimed its bullish intentions and came out of a bullish structure to move upwards.
The only real obstacle for oil, is a multi-year resistance of its main downwards trend.
In short, Oil has the momuntum to surpase this resistance.
In case it cant, taking broader economic fundamentals into consideration, it will be seriously rejected to at least the previous bi month support.
Be aware that this resistance may take more than one leg to break. but be aware the rewards may be monumental as OIL could exit its downtrend pattern and enter a less agresssive downward pattern.
The only real obstacle for oil, is a multi-year resistance of its main downwards trend.
In short, Oil has the momuntum to surpase this resistance.
In case it cant, taking broader economic fundamentals into consideration, it will be seriously rejected to at least the previous bi month support.
Be aware that this resistance may take more than one leg to break. but be aware the rewards may be monumental as OIL could exit its downtrend pattern and enter a less agresssive downward pattern.