mcpeacocks
Long

Bounce in Oil due

FX:USOIL   Crude Oil (WTI)
just observations on oil             - the following maybe reasons for a sudden and aggressive bounce on oil             forthcoming
1. approaching multi year lows at 32.90, which previously sparked a 'decent' response
2. bullish divergence on RSI
3. trading in falling wedge pattern, often a reason for volatile breakout to the upside

(4. haven't checked, but there maybe fib ratio confluences as well)

i will be keeping an eye out, but am pretty confident the 33 and 32.90 levels will be tested. what happens there will be interesting.
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