Oil has been in a 9 month inverse descending triangle which is a bullish continuation. Oil data continues to be report lower than expected which is another bullish signal. From july until now oil has been creating an inverse Head and Shoulder. As we can see today we broke the left shoulder to the upside. Im expecting a retest of the 70.5 level and continue its rally to 75 possibly 80$ per barrel. Currently, im long oil at 70.50 with a stop loss at 69.60. The trade basically is a 1:5 potential trade.