There have been talks of a bottom in oil as of late, This chart shows that we have still not able to take out a down trendline that dates back to Nov 2015.
While below, this line the bias remains Bearish.
We are approaching a 61.8% Fib as well as a retest of the down trendline, this is an area of interest for Oil. A Bearish Candle here can provide a good trade setup.
If however we trade through the trendline, we can start looking for long positions.
Remain on the side lines for now until a clear signal presents itself.
While below, this line the bias remains Bearish.
We are approaching a 61.8% Fib as well as a retest of the down trendline, this is an area of interest for Oil. A Bearish Candle here can provide a good trade setup.
If however we trade through the trendline, we can start looking for long positions.
Remain on the side lines for now until a clear signal presents itself.
