AB=CD of USoil on Weekly Chart

TVC:USOIL   WTI 原油差价合约
In my previous post on oil last week, pattern combo worked well, price falled from near 53 level and got supported near 49 level.

On weekly basis, it seems that the price has retested the 49 level, which also be supported by 200 MA.

A forming bearish AB=CD pattern point out 3 key levels above, and u shall find entry point from smaller timeframe chart.

In 4H chart, bullish signals can be seen from MACD , together with the rally bars, back to rising trendlines , really strong momentum.

Fundamentally, tension between USA and Iran as well as seasonal fule demand may drive the price getting higher. Efforts from OPEC to reduce the general output also shall not be neglected.

And bullish oil price is negative to the USDCAD pair, one of the reasons I posted idea on CAD.

Judging by muiltiple bullish signals both FA and TA side, upside prevails, watch out the EIA report this week.