Chart of the day

Oil is rejected from 78.75 again. A break below this level is required for an upside reversal and a test of 86. This rejection can lead to a test of the triangle support 71 and a last line of the resistance 66.

Only in the case of a clear confirmed break above 86, we can see an immediate upside extension to 100 again and higher in a third long-term wave. A break below 71 and especially 66 will invalidate the upside extension in the third wave.

_{Long trades could be opened here only upon a confirmed break above 79. Short trades have a possible better risk to reward and you can open it up here with a narrow stop loss just above 78.}