JigneshDavda

Oil Bouncing from Channel Support - remains Bullish

Long
FX:USOIL   CFDs on Crude Oil (WTI)
At the start of the week, we saw some pressure on Oil , possibly suggesting we may have topped out

The chart shows we are holding the up channel , and we are likely still in the bullish cycle.

On 4H, if the current candle closes near it's current levels, we would have a bullish engulfing candle. We are also showing a higher low followed by the low made two days ago. A break of 46.04 will confirm a higher high and reinforce the bullish trend , increasing the possibility of the instrument taking out the highs on the chart.
Comment: We have broken the channel, clear bearish signal. Will look for setups on rallies and post.

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