To me Oil -2.29% is oversold. Breaking the Weekly S3 Pivot substantially and reaching the lowest 4h RSI value in months, means that we should eventually get a rebound. There is quite a bit of support in the 48-49 region, mainly from older resistance turning into support.
In my opinion, the market could rebound soon, but the best entry would be around 46.5-47. At that point the market will be extremely oversold, with a massive gap from the moving average and we will hit the trend line support.
In my opinion, the market could rebound soon, but the best entry would be around 46.5-47. At that point the market will be extremely oversold, with a massive gap from the moving average and we will hit the trend line support.
Comment:
If people got in, my opinion is that their first target should be around 49.75, second around 50.75 and final but unlikely target is 52.3. I guess people could still jump in, but the R/R isn't really that favourable