Oil at a crucial point.
Since the August 14th drop, things have not improved much.
On the 33 min, price is moving up in a steep rising wedge (normally a bearish pattern).
As price continues up it look for it to breach support and then fall towards the lower support channel on the 1D or around $64.00.
BEAR SetUP
A close under 64.00 can potentially send us to 62.00 and 60.00 if th 1D trend continues.
BULL SetUP
A bounce/spike from $64.00 or current price sends us to $67.00 then possibly 70.00 with enough momentum.
For now we watch and wait.
On the 33 min, price is moving up in a steep rising wedge (normally a bearish pattern).
As price continues up it look for it to breach support and then fall towards the lower support channel on the 1D or around $64.00.
BEAR SetUP
A close under 64.00 can potentially send us to 62.00 and 60.00 if th 1D trend continues.
BULL SetUP
A bounce/spike from $64.00 or current price sends us to $67.00 then possibly 70.00 with enough momentum.
For now we watch and wait.
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