What Will Happen When Oil Breaks Through the Narrow Channel?

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At the moment, we are seeing an upward market movement inside a small green channel. Also, at the same time, the market moves within the yellow channel. If we see a break of the upper green bound near the resistance level of 59.40 soon, it may mean that the way to the upper yellow bound and the resistance level of 64.12 has opened for the bulls.

However, if we see a decline, and the market breaks the lower green bound near the support level of 55.85, the bears may open the way to the lower wall of the yellow channel and the support level of 51.74.

Thus, it is very important now to observe which of the bounds of the green channel will be broken in the first place.


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