OIL in 1hr Ascending Channel

Jan 28, 2022

Oi finds itself in another parallel channel. This time it is ascending and often
bearish. With lighter volume, oil continues to suggest that the
target of 93.23 will not be reached. Going forward Oil MUST reclaim the middle of
the ascending channel to stand a chance at a move higher. If it turns back at that price
level and specially breaking the bottom of the ascending (blue) channel this rally
is likely over for good.

Jan 31, 2022

Note

No breakdown of the ascending channel and a bounce off the bottom of the channel suggests this will go higher for now.
Divergences on higher time frames (not shown here) suggests that this rally will be over likely reaching our 93 target before.