Oil has been on a rally since the historic downtrend during the climax of the pandemic outbreak. Price has recently been on a consolidation within the uptrend in the form of an ascending triangle.
Textbook technical analysis suggests that ascending triangles breakout on the upside but we know that is half truth. Patiently wait for the breakout and follow the price.
DISCLAIMER: This analysis is for educational and general information only and not advice or a recommendation to trade or invest. Do your own research/analysis and don’t blindly enter trades based on the analysis.