Crude Oil ! Downtrend broken. Pre-breakdown consolidation

13 Apr 2022

It came down to oil. As we can see, the instrument has broken the descending channel and is starting to recover. After testing the lower boundary of the ascending channel, the price does not roll back down, but enters a hard consolidation between 101.3 and 100.

On lower timeframes, we have a local uptrend, which coincides with the global one.
Ahead there is a resistance level of 101.35, I am waiting for a breakdown of this level, as the price forms a pre-breakdown consolidation

I assume a breakdown of 101.35 and a price increase to 103.94 (a strong level on the higher timeframe. And in the medium term, the price will move to the upper border of the channel, (local peak) 108.75

Sincerely, R. Linda!

13 Apr 2022

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