Dubs
Short

Oil bounce, then new low

FX:USOIL   Crude Oil (WTI)
419 1 5
Oil             is currently dropping on a lengthy RSI divergence - i'm expecting a bounce at the OTE             retracement (half way between 0.618 and 0.786 fibs) or with less probability at the 0.786 fib.

Expecting resistance in the area between $31.60 ( 0.382 retracement of the $34.76 high) and $31.75 (previous support), which should cause a retest of the $27.50 low.
Comment: 0.382 broken with next resistance at 0.618 fib area. A weakening US dollar overnight has made oil cheaper for non-US purchasers, but huge oversupply still exists...overall still bearish.
It's about to be the time to go short, I guess.
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