OIL just moved into a major support zone where price is likely to react (it somehow did already). I would like to see more price action confirmation to be calling this a reversal. On the 4 hour chart price is still making lower lows and lower highs and a trendline is also still supporting this direction. A break of this trendline would signal a reversal for me backed by higher highs and higher lows. Let's see how the markets open on monday
Comment:
Last week didn't provide a long entry so I didn't enter this market. On the Monetly chart we can see a trendline coming up, now around 58. Let's see if price slows down in the coming week and if we can find a confirmation on price action to get a nice Risk-Reward entry in OIL.