Oil is in complicated situation. During second week of the March it broke the 200 EMA support without resistance. Next weekly pivot is on 64.00. Traders might be looking for short on fundamentals to the 40.00 level. But given my expertise about Oil fundamentals this trade would not work. So i'll say any position taking in oil should wait for 64.00 level and look closer on a lower timeframes.
Comment:
Remember i am not your financial advisor. You are at your own risk. This is not an investment advice.