It is no surprise that oil prices have been rising. With the recent attacks on Saudi oil reserves it is very clear indication that Octobers oil prices will be higher than the past quarter year. As an active Day Trader I believe in technicals first and the price looks like an excellent inverse head and shoulder setup for the near future. Before we see an astronomical rise in oil prices, there will be a moment of uncertainty while price attempts to break September 2019 highs of $58.78 per barrel. There is plenty of skepticism in last weeks drop. Why has the sudden drop just pause and consolidate around 54.00-55.00? There are plenty of "clues" in the chart itself and the fundamentals just adds certainty to my analysis. We will have to see what happens when the market opens in a few hours and will monitor prices this week.
