Oil is currently in a broadening wedge, unless it manages to break out of the wedge it will eventually have to come back down. I put emphasis on eventually it can stay at that upper trendline for a while. Wait for confirmation before entering any shorts. First look for divergences in your preferred indicators then, wait for a MA crossover so you don't get whipsawed, that's at least my strategy.
Note
It's because of this trendline why i'm confident it won't breakout of the wedge:Note
You can already see a divergence in the RSI:
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.