Oil prices are trading inside a rising wedge pattern. In the chart below we also observe the bearish warning signs by the RSI divergence in the 4hour chart. Support is at 70$. A break below it will confirm the wedge is broken and we should at least pull back a couple of $$. However I can see another new higher high from a bounce at 70.50$-71$ and then the break of the wedge for a pull back towards 68-69$ minimum. Resistance is at 73-73.50$ so a move towards the upper wedge boundary could be a nice short-term bearish opportunity.
Our eyes are on the wedge….thank you for taking the time to catch up on my thinking.