Just a few months ago, there were talks that Oil is going to shoot up to 70 to 100 price level. Today, we are seeing the opposite as it starts to revisit the 50 dollar mark again.
Currently, we see a support at 55.10 where it is likely to rebound. If this support fails to hold, then it will go to 54.17. At this level, it has already broken down from the bullish trend line and any further downfall is disastrous for the bulls buyers.
Alternatively, it could rebound from where it is this week with a few bullish candle and come back up as well. Anything is possible. Let's not read too much into it and take one step at a time.
Currently, we see a support at 55.10 where it is likely to rebound. If this support fails to hold, then it will go to 54.17. At this level, it has already broken down from the bullish trend line and any further downfall is disastrous for the bulls buyers.
Alternatively, it could rebound from where it is this week with a few bullish candle and come back up as well. Anything is possible. Let's not read too much into it and take one step at a time.
