December 2018 marked the end of the bearish move where oil plunged nearly 40% from its 3 year high 77$. After a long recovery, a deeper downside movement of 10% was noticed, creating a clear Lower High. The move is still a pullback but can easily turn into a bearish run.
Setup : Trend type - Pullback, Bull trend resumption at 65.30 Action - Sell now. Take profit @57.80 Stop loss @64.00