Oil search has been boosted by the jump in crude oil prices recently, but the consolidation at these new higher levels is providing the potential opportunity for a move higher.

You can see the wedge pattern formation and the longer-term moving average is now starting to trend upwards.

This is a breakout style trade, only if the market can breakout to the topside. If it continues pulling back and going lower, then the entry will not be made.

Interesting to note the recent pullback has been made on lower volume.

Long on Oil Search and breakout of wedge formation

Dec 15 2020

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