akyong

Oil [17th - 21st Oct]

NYMEX:CL1!   Light Crude Oil Futures
Oil
172 5 2
oil
Oil             will be very interesting to watch next week. Price is currently trading in the supply zone with a divergence formed with RSI indicator. We also see some confluence in terms of fibonacci extensions as well. A break above 52 will potentially see price reaching for 55.13; on the other hand, a rejection will see price reaching for 46.67 area.
makes sense. thanks!
+1 Reply
akyong PRO tbuckle
welcome. Great to know it helps :)
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Do you feel that the most recent rejection from the $51.15 area is not a decisive rejection, etc.? What will show a true rejection? Thank you for your help.
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akyong PRO tbuckle
to me it's not a decisive rejection because the candle size (pin bar) is relatively small compared to the candles before it.
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snapshot


This is a decent rejection off the support
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