Oil Bouncing from Channel Support - remains Bullish
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.
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.
