Bull Wedge Forming in Oil?

Sep 28, 2020

Oil is still holding a 200 tick range. The lows are picking up which suggests it may be forming a bull wedge pattern. The Kovach OBV is gradually picking up suggesting that this could make a great breakout trade. 40.87 is the level to watch for a breakout. There are a few levels to watch after that, which will provide resistance. But mainly the relative high at 41.73. If we are wrong, expect for oil to retrace down to feel out the range again. It will likely test 38.96 again.