Just some thoughts.
Daily showing a potential bullish move up. Weekly still showing bearish momentum so any position should be treated with caution.
We could see a short term bullish move followed by a retracement. It would be interesting to see if price action will trade within a defined channel; (50.18 - 53.86).
At first I thought OIL was about to make a big reversal until I spent a bit more time....It's also sitting jsut above a key ratio level so any dropped below current support could quickly take OIL down to low 40's.
What does everyone else think? I'm in neutral right now.
Daily showing a potential bullish move up. Weekly still showing bearish momentum so any position should be treated with caution.
We could see a short term bullish move followed by a retracement. It would be interesting to see if price action will trade within a defined channel; (50.18 - 53.86).
At first I thought OIL was about to make a big reversal until I spent a bit more time....It's also sitting jsut above a key ratio level so any dropped below current support could quickly take OIL down to low 40's.
What does everyone else think? I'm in neutral right now.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.