Oil reaches final target zone - Hitting 200 days MA line

NYMEX:CL1!   Light Crude Oil Futures
Oil             hits the final target zone of my previous bearish setup ( bearish AB=CD and rising Wedge pattern).
Now 200 days MA line is being tested along with weekly structure zone.
Interesting potential Buy Zone that can lead Oil             towards 46$ again.

Tomer J, The MarketZone

Comment: 200 days proved as support. Will probablyl be tested again. Watch carefully
Tomar if you look at the weekly, I think it may down to $30 and if it breaks this we may see a retest of $26. What do you think?
Nica521 Nica521
Sorry not $30 but $37
after today's price action do you think we can go up from here or failure to come?
+1 Reply
I think that we may see another squeeze down. It won't be that easy... If you are looking at it from a longer term perspective yes... Friday's price action showed that there's some buyers interest inside this Buy Zone - This week's data and Oil inventories can be the trigger
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