While we wait to pump some again, bullish setup on oil is taking shape, as I’ve been suggesting above - best described by Ilya Spivak at Daily FX re: his WTI chart (I always like the way he tells you what to look for in both directions):
CRUDE OIL TECHNICAL ANALYSIS
Crude oil prices are consolidating within a Falling Wedge chart pattern, a setup that typically carries bullish implications. A daily close above its upper boundary – now at 62.64 – exposes the February 26 high at 64.21. Alternatively, a move back below the 59.83-60.00 area (wedge floor, March 8 low) opens the door for a retest of the February 9 bottom at 58.11.
https://www.dailyfx.com/forex/funda...urce=AWeber&utm_medium=Spivak&utm_campaign=em
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