JigneshDavda

Trendline Still Holds Downside

FX:USOIL   CFDs on Crude Oil (WTI)
822 1 14
There have been talks of a bottom in oil             as of late, This chart shows that we have still not able to take out a down trendline that dates back to Nov 2015.

While below, this line the bias remains Bearish .


We are approaching a 61.8% Fib as well as a retest of the down trendline , this is an area of interest for Oil             . A Bearish Candle here can provide a good trade setup.

If however we trade through the trendline , we can start looking for long positions.

Remain on the side lines for now until a clear signal presents itself.
1H Chart shows how critical this area is
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