Next week we will see important test for Oil buyers. Last week rally just created double top situation and traders take profits. However price fall get stopped from further decline and setting up base which when get played right can send Oil above 72.
Buyers will be looking to break out from selling pressure and push at first above 70, clearing that resistance once more will create acceleration in rally which can be just enough to tag 72/73 with ultimate target 75
Sellers will be trying cap price and push it under last week lows with targets 67 and 65 in extension.
Update 20th September
Price reach point marked on chart and once again fail to breach resistance above 71. Is all ready 3th attempt
Will try work with chart during weekend.
Resistance and turning points: