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US Oil : Will it Continue to Follow Bullish Trend or Reverse the Trend

(US Oil : 4 Hour Chart)

On the 4 Hour Chart, US Oil is giving a bullish signal as the commodity is trading within an ascending triangle finding support from the rising support trend line and resistance at 107.70. Accordingly the pair might break this resistance at 107.70 and continue to rise. Earlier the commodity was trading higher because of the tensions in Iraq. Today a local media reported that the Iraqi forces regained control of border crossings with Syria and Jordan which eased some concerns among investors. There is no tension in the southern part of Iraq which produces more than 80% of Iraq’s output and therefore providing some support to the commodity. So if the tension continue to ease in Iraq the price may decline breaking the rising support trend reversing the uptrend to downtrend.