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$CL 4H Update
Oil bounced strongly after a bullish RSI divergence and is now testing the upper boundary of the descending channel.
🟢 Break + reclaim = continuation higher.
🔴 Rejection at channel resistance = possible move back toward the lower channel boundary.
Keep an eye on news related to the Strait of Hormuz. Headlines regarding its closure or reopening could heavily impact oil prices and dominate technical signals.
Patience. Confirmation first.
#cl #rwa #Oil