As we see sector rotation and interest rates rise crude continues to climb, we still have huge resistance above us that we must break.
Here are my two paths for crude futures going into next week. It will be important to watch this closely, a breakout of the upper trendline could cause historic rallies(Path A, red). However, I do believe we never retested that bottom trendline for a reason so I see path B(Blue) as our most likely option. There is a second option of path B where we fail the retest of that trendline and continue lower so keep a heads up.
Goodluck.
Here are my two paths for crude futures going into next week. It will be important to watch this closely, a breakout of the upper trendline could cause historic rallies(Path A, red). However, I do believe we never retested that bottom trendline for a reason so I see path B(Blue) as our most likely option. There is a second option of path B where we fail the retest of that trendline and continue lower so keep a heads up.
Goodluck.