USOIl- Failure to Break above back to Value zone
Overnight we have failed to sustain the highs in USOIl. and again back to within a larger multi day value zone.
No strong bias on either side for today we will hold the 51.50-30 areas as a key trend decider for the day
1. Bullish on hold above 51.50 for targets ( marked in dashed green )
2. Bearish on hold below for targets ( marked in dashed red )
On a larger TF context it seems we may have just marked a lower high and a failure to hold today could mean we will re visit the recent lows of sub 50s in coming sessions
No strong bias on either side for today we will hold the 51.50-30 areas as a key trend decider for the day
1. Bullish on hold above 51.50 for targets ( marked in dashed green )
2. Bearish on hold below for targets ( marked in dashed red )
On a larger TF context it seems we may have just marked a lower high and a failure to hold today could mean we will re visit the recent lows of sub 50s in coming sessions
Comment:
exact low @ 50.24 and bounced off from that zone. Bear thesis is still valid if we continue to hold below the 51.40s