Brent Oil overview

Brent Oil overview

Let’s start reading in the first half of November.
I plot the orange range lines from 06/high and 08/low

1- SLKT (Trap for breakout bulls)
2- SLKB (Trap for breakdown bears)

Since that time we got a bullish rally. Let’ study its character.
C > (A+B)/2
E > (C+D)/2

Well, market is demonstrating bullish behavior as rallies tend to resume after 50% pullback.
That is why I plotted up-ward channel lines. I expect it will be valid in mid-term.

Note also, price is settling above top range orange line.

Rushi noted big zone of weakness on the background. It seems to me, bulls will produce an attempt to struggle through it.

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