Oil time for a bounce

TVC:USOIL   CFDs on WTI Crude Oil
Oil is severily oversold, the news on the fundamental side is also fairly negative. Seems like a ripe opportunity for a bounce. Yet I don't believe oil will be going any higher than the expected bounce anytime soon.

Related Ideas

The 1D Channel Down is too strong and needs to be broken upwards with two straight strong candles in order to confirm an uptrend. Meanwhile, it is close to our TP = 60.20:

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