Crude Oil futures are testing a descending triangle's descending trendline after recovering from Monday's intraday low at 53. While there was a bearish reaction after briefly probing above the trendline earlier, the pattern's resistance seems vulnerable to be broken, given the amount of times it has been tested. Also, just above the intersection of the trendline lie the latest few highs. A higher low could be confirmed with a move just above 57, which would mark the first time in over a month.
A clean break would re-open the psychological 60 threshold but there again lies potential long-term trendline resistance, originating from the 2018 peak. If, however, the 57 handle provides a cap once again or the 55 region fails to hold price-action, then focus would shift back towards 53 ahead of the key 50.50/50.00 area.
