OIL: The Price is About to Decline Next!US Crude Oil SPOTCFI:WTIVincePrinceHello There, welcome to my new analysis about OIL on the 4-hour timeframe perspective. In recent times I have monitored the market conditions closely and detected important signs that should not be underestimated. The Iran conflict is fueled with a lot of volatility and different directions, as negotiations are deliberately instable this is pushing the prices up and down. In this case it is necessary to consider the short-term movements to position oneself appropriately in the market. As when looking at my chart, we can watch there how OIL has now formed this range between the 87 and 113.3 levels. In the lower area it has substantial support from which it already bounced several times. However, in the upper area is a strong resistance, which has been the origin of several sharp drops towards the downside. These were also always points at which decisive movements in global oil markets occurred. Right now, OIL is also forming the second ascending wedge formation in this whole structure. The first one was already the origin of this sharp decline towards the downside. Now, the second ascending wedge is forming, moving directly into the upper resistance. Once a pullback from this area occurs, the completion of the wedge with a breakdown below the lower boundary is going to form the continuation towards the downside. The initial target area of this pullback will be within the middle line of the channel as marked in my chart. Once this target has been reached and the price declines further, the final target will be in the lower support area, as seen in my chart. In this market situation, it is also important to watch the geopolitical and economic situation for any changes in the endeavor. I will consider any important alterations of the development and adjust to the trading. In this manner, thank you a lot for watching! What do you think about OIL at the moment? Let us know in the comments! VP