A pull back from the drops is long overdue. The yellow triangle could provide the area of the next test between bulls and bears - straight after the EIA report at 10.30am on Wed 3rd. A good report and falling USD could result in a channel breakout. Another bad report could see crude falling to the next fib at 38.84, and another cigar for bears.
Comment:
A pull back from the drops is long overdue. The yellow triangle could provide the area of the next test between bulls and bears - straight after the eia petroleum status report www.eia.gov/petroleum/supply/weekly/ at 10.30am on Wed 3rd. A good report and falling USD could result in a channel breakout. Another bad report could see crude falling to the next fib at 38.84, and another cigar for bears.