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.
after today's price action do you think we can go up from here or failure to come?
themarketzone
⋅
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
Nica521
⋅
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?