USOIL Crude oil : Russian oil ban, what's next? 4.5

The pennant consolidation opened the week with a breakout and a retest confirmation of the breakout.

Consolidation took place between Jan - April 2022, With a high of ~128 and a low of ~88.

The breakout is a major bullish technical alert, indicating new daily up-trend.

Resistance levels on the new up-trend are:
*106.80 - 108.50
*114.60 - 116.40
*125 - 127.80

Retest potential to the downside:
*Consolidation retest - 100-101.50
*Consolidation support floor - 96.50-98.20

A break below consolidation may lead to trend reversal, but for now bullish indications on full alert!

Russian oil sanctions are increasing and we have 1 million barrels a day off circulation as of now, this amount is expected to double soon, Bernard Looney, CEO of BP oil company says.
This is a fundamental trigger for the technical breakout.

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Comment:

With today's oil inventory report there's a couple options,
Retest of 102.50 - 100 or trend continuation up aggressively within the up-trend on the charty

Trade active:

Up-side break out continuation!
106-108 is the level to break and is currently being tested.
Once broken, 114 may be reached very quickly!