Oil could rally hard

Oil is forming a bullish falling wedge pattern. If a breakout occurs, it will trigger a major bull run toward the big red or 200-day MA and beyond.

Oil found support in the summer area of support and bounced nicely. Now, it is trying to break the pattern and continue to rise.

MACD has already shown a line cross, indicating bullish momentum, while RSI is also moving up.

Technical analyses indicate that if a breakout occurs, the move will be massive.

Macroanalyses show there is a huge chance for that. The Fed lowering rates, the dollar dropping like a stone, and the closure of the Red Sea could trigger a massive move in oil.

Therefore, a buy trigger will almost certainly occur within days or even today.