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We broke a super strong support level on OIL last week! When support breaks, it turns into resistance. What would be the ideal situation?
The best situation would be a retest of that zone and some rejection, showing bears want to push price lower!
Also the daily resistance lines up perfectly with the 0.78 retracement on the Fib. So i am currently short on OIL .
I'm going to wait for some clear rejection from that resistance level before entering!
Keep in mind, while retracing toward the resistance, OIL made a big support zone , so do expect some reaction of it when it reaches it!
The best situation would be a retest of that zone and some rejection, showing bears want to push price lower!
Also the daily resistance lines up perfectly with the 0.78 retracement on the Fib. So i am currently short on OIL .
I'm going to wait for some clear rejection from that resistance level before entering!
Keep in mind, while retracing toward the resistance, OIL made a big support zone , so do expect some reaction of it when it reaches it!
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