WTI - big picture
If there are no large surprise events (more dramatic supply disruptions), then the next hard resistance is 50.93 and the price may break the wedge or move forward.
The Fed decision on USD is the next big event and not likely to have any impact on the movement in the wedge.
The Brexit vote is the next big event on June 23. That will either accelerate the movement to the top of the wedge (Vote NO) or cause a break out (Vote YES - the USD rises).
At some point in mid to late August we should retrace back to 38-42 and trade within a range until next year January/February when we should begin breaking new highs.
The Fed decision on USD is the next big event and not likely to have any impact on the movement in the wedge.
The Brexit vote is the next big event on June 23. That will either accelerate the movement to the top of the wedge (Vote NO) or cause a break out (Vote YES - the USD rises).
At some point in mid to late August we should retrace back to 38-42 and trade within a range until next year January/February when we should begin breaking new highs.
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