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USOil Rally on Upbeat US Data

US Oil today posted some gains after the upbeat US economic data. You can check out my blog about US data here.On the 4 hour US Oil was consolidating within a symmetrical triangle prior to the release of the data and broke out from the resistance trend line of the triangle to move in upward direction.

 The pair paused its gains by finding resistance at 101.57 which was earlier acting as the resistance for the pair. If looking at the daily chart, the stochastic oscillator still shows the uptrend as signal trend line is below the average trend line.If the pair breaks this resistance it may rally up to the level of 102.88.