Crude oil had yet another week where it stuck to its range. We saw some promise on Monday and Tuesday with a potential break to the upside on Wednesday right before the inventory data. But, it sold off quite a bit to be fair. What’s interesting is that it did not break the ascending wedge and rebounded from the trend line.
The wait for oil to break continues and I have the exact same trading idea I’ve had since the past few months: Buy/Short on break of the consolidation. I explain more in the video: