Description
⋅ I highlighted what may be turning into a supply level for oil.
This is previous support, may be acting as new resistance?
If nothing else, Friday has a very high probability of being a retrace day as profits are taken off the table.
Currently Oil has been on a strong bull run, it would be logical for today to end red.
Things to watch:
A possible deeper retracement towards 50 and below, I am not calling for new lows but a retrace "could" be in order.
Some consolidation and a resumption of the new bull trend.
Please remember Oil is extremely volatile, trade safe, trade to live another day!