2808 P5/8 USOIL prefer to follow the blue channel

Considering that U.S. sanctions against Iran and outages in Venezuela would lead to supply shortages, traders are all expecting price of oil to rise.
But actually, price of oil sideways movement keeps weeks. And that make a very strong weekly support now.
If oil rally up to break the red channel, it is possible for it to reach above 70 in the next half year.

Less is more!