- Trend is extremely . It is not even a trend in its classic meaning, as there has not been any pullbacks during last 5 months. It is a collapse!
- Given that we have not seen any retracements, Price has got far away from Kijun Sen and Slow is extremely low, we can say Oil has become oversold. This doesn't mean it can not become even more "oversold"
- Price is basically at monthly . This should act as short term resistance for further drop. Good question is wether the bears will start to cover some ard 47-48 or not? If the breaks, then next possible interim bottom can be formed only ard 35-38 range.
Never try to catch a falling knife! No one knows what will be the final low, until the low is really in. Can it be 47 USD? Yes it can. Can it be 20 USD? Of course yes it can be.
Even if you play for reversal or pull back at some point, wait until you see some kind of signals on the lower time frames (Weekly, Daily) which increase the chances to win in a counter trend trade.
p.s.: My assumption that in case a retracement takes place from 48 +/- levels, the possible tgt will be 57-60. But it is still too early to guess. I will try to show you in time when I see any changes.