Oil Technical Analysis: Rising wedge seen in the hourly chart

• Brent oil is reporting moderate gains in Asia but is stuck in a rising wedge pattern, according to the hourly chart.
• A downside break of the rising wedge would signal a revival or continuation of the sell-off from the high of $75.57and would open the doors to re-test of $71.81 (August 2 low).

Hourly chart

Current Price: $74.00

Daily High: $74.01

Daily Low: $73.59

Trend: Bearish below $73.27 (lower end of the rising wedge)

Resistance

R1: $74.00 (psychological hurdle)

R2: $74.60 (channel resistance)

R3: $75.59 (July 31 high)

Support

S1: $73.54 (support as per the hourly chart)

S2: $73.27 (lower end of the rising wedge)

S3: $73.00 (psychological level)