With increasing # of US oil
rigs and subdued global oil
demand, I am expecting the retracement strated from 40.00 to lose strength between 46.00 - 45.00 area and eventually another leg down towards 40.00. This formation supports my idea on technical side with a caveat; the price could go little bit higher and turn gartley
thus manage your position/risk accordingly.
Recommended to go short at @ 44.70
1st TP 43.00
2nd TP 41.00