With the current price tested at $45.20 which was on our box zone from previous analysis
Oil has fallen from $50 until the current price , we might actually be looking at a short term reversal . However, price are still undertone by the higher timeframe downtrend, until oil has grown above $48.50 before we could see oil to have more room to move up more.
As of now, we will possible see oil get resisted by 46.50 level which is about 100 point from current level with lower timeframe having some strength to push up the price and possibly to reach that level (ideally).
Do thread cautiously with limited position as we are going against the tide.
Oil has fallen from $50 until the current price , we might actually be looking at a short term reversal . However, price are still undertone by the higher timeframe downtrend, until oil has grown above $48.50 before we could see oil to have more room to move up more.
As of now, we will possible see oil get resisted by 46.50 level which is about 100 point from current level with lower timeframe having some strength to push up the price and possibly to reach that level (ideally).
Do thread cautiously with limited position as we are going against the tide.
Comment:
Price have reached the initial 46.50 and retreated with the upward strength still intact , USOIL may lookt o test 48.50 in this week time.
Trade closed manually:
Have closed this LONG position, due to the 46.50 resistance is relatively strong and momentum of downside would start to tick in. Price might head down to $44 in anticipate of US rate decision in the coming days.