Decision Time For Crude Oil

Light Crude Oil Futures (CL1!)

- Potential Break out of parallel channel (TBC)
- Above 200 week SMA
- Several bounces off the 200 week
- Long Term Stiff Resistance Overhead

Amazing how compressed price is between the 200 week & overhead resistance. Its like a pressure pot about to spring or roll over.

Turning the overhead resistance into support would be ideal IMO.

I'll be watching and will update if we breach any significant levels.

Comment:

A nice break out of the channel and the resistance

We can enter a trade here and place a stop under the resistance
Target ATH