Taking another stab here at picking a bottom in oil
. Midpoints are difficult to decipher in such drastic sell-offs but if you catch the bottom we'll be well rewarded with an inevitable massive short squeeze. Regardless, this is def a high-risk trade. The relentless sell-off seems to be heavily algo-driven and major energy funds liquidating (according to rumors) so if another major energy fund goes tits-up it could crash the price right through my buy zone.
A considerable dip below the 59.47 target shown here is likely so my stops wont be hit until below 55.50. VERY wide stops. Downsize positions and manage risk accordingly. Entries for me are 58.84 and down. No urgency to get entries filled today with the shortened US. Thanksgiving session.
Zoom this in on a daily timeframe
and you'll note decent respect of all fib levels, suggesting this could be a valid setup.