Taking into account the price action specially in the daily timeframe that an inverse head and shoulders pattern are visible and the strong weekly support and taking into account the escalation of conflicts and war in the middle east, it's non of a surprise to see a 120$ oil price in a matter of some weeks or months.
after breaking the descending Andrew channel and finding its way along an ascending Andrew channel, oil continued its upward momentum and by breaking above the median line now I'm waiting for it to touch the upper reaction line around 101$ mark. as always DYOR and don't take this analysis as a signal for your trades because it's by no means a financial advice.
