Oil: Is the Downtrend in Oil Coming to an End?

In the previous analysis, the rise in oil prices was examined. As observed, after breaking the multi-week consolidation zone and retesting it, oil prices climbed. We anticipate a similar scenario could unfold again, with a break of the historical descending trendline followed by a retest. For a better entry into a buy position, it is advisable to wait for this price correction.