It was a spectular last week for the crude oil. However the same was on expected line on the drawn XABCD pattern. There is a higher chances that following the 1.618 level the oil will take a hit to be good to offer shorting opportunity.
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As per the analysis from the support, resitance and price behaviour. Crude oil has performed on the expected line within 2 days of publish.
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some rebound after making higher low may point bullish character for the oil. however it would be worth waiting for the price movement for atleast 3 candle sticks on 4H chart around price level 49.92
Trade active
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though on Tuesday oil is trading on the expected terms, however it would be cautious to see the volatility for Wednesday.
happy pi of profits!
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the overall fundamental sentiment has added to the expected technical analysis. Partial profit booking is being made and the trade is to be closed now.