On the Oil chart, we can see that the instrument is breaking above the long-term falling trendline 71 level. The uptrend support for this break is visible and it lies in the 70.50-71 zone. We need to see confirmed daily close above the 71 level for a clear 78 target. Only a daily close below the 68.30 level will invalidate the upside continuation.
Note: look for the long trade entries with a stop loss below the 70 level.
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