Structure: Downtrend Moving Average: Downtrend Trendline: Daily TF Uptrend Line holds Pattern: Small Head & Shoulder at 1H TF Trigger: Bullish Candle proves rejection at current area Support: 57.80 Resistance: 59.70, 60.00
Oil went down straight without correction Price finally failed to break down 57.85 support area with multiple attempts A strong bullish candle means that price possibly retraces to test 200 SMA resistance Buy at 58.40 SL: 57.30 1st Target: 59.70 2nd Target: 60.60
remember only to take half position or lower risk because it's a counter-trend trial.
58.80 will be the new support area to watch.