If the rising channel can hold, the UK oil will continue rebounding. Otherwise it will go down again.
From the volume analysis, it has a higher probablity to continue rebounding.
Good luck for everyone!
For the long run, Oil might have changed the direction to the uppper side.
But before it can quickly run up, it has to fall again to reflect the fundamental and the sentiment.
Triangle show me a nearly completion, if you dare to take the risk, you can short now and nice risk reward. But I am expecting it will have a final rally before it fall again deeply....
Another leg up is expected, targeting $42/barrel. I suspect that China news will be positive over the weekend and that CBs, European and US, will continue to support a recovery in both equities/oil and their correlation to each other.
