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themarketzone

Last line of defense for Oil?

Light Crude Oil Futures (NYMEX:CL1!)  
themarketzone Updated   
NYMEX:CL1!   Light Crude Oil Futures
Oil CAD USDCAD crude Crude Oil
11
0
oil cad usdcad crude crudeoil
Oil is below its 200 days MA line today.
Now testing the last line of defense - Trend line
A close above the 200 days MA line will create a False Break and potential rally in Oil
A breakdown of the trend line and.... BOOM

Comment with your thoughts
Comment:
Buyers drive Oil back above 200 days MA line.
If it'll close above it, it can be an interesting buy.
Comment:
Reversal complete - 200 days MA line should act as support now
Comment:
Oil is testing the trend line again after rejection from the 200 days MA line. Doesn't look good for Oil but the trend line is still alive - Watch
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