last week oil fell about 300 pips from its opening due to demand fears. stockpile rose by 7.6 million barrels. then rose follow Moscow announcing more than a 500,000 cut next month.
I see oil continuing with the bearish momentum selling to the minor structure trendline then buying up to major structure trendline. then waiting for break and retest for continued buy. there is a bearish divergence forming indicating a pullbak will be coming soon
I see oil continuing with the bearish momentum selling to the minor structure trendline then buying up to major structure trendline. then waiting for break and retest for continued buy. there is a bearish divergence forming indicating a pullbak will be coming soon