Oil staying within a broad range..We have a bit of trendline resistance at 9392, and support at 9068 / 9007, and really until we reach either of those levels we are rangebound.

Technical indicators are not helping much...as they are flat. However..if we look at the 4hrly charts we can actually make out a inverse Head and Shoulder pattern emerging.

As this pattern is within the broader 6 month range..we see it as a continuation pattern. The 6 month trend has been up... therefore we would look for the market to come higher.

Now if we fail to make inroads on the topside and lose 9220 look for 9165 then 9107 as your downside objectives.

The article was first published by CharmerCharts