So I have been long this market since $30/barrel. I tried to buy every dip, followed the trend and successfully made good profit. Which means I was right in medium and longer term of oil . That the medium term for this market is still a buy, not a sell. I still think oil will reach $60 sometimes at the end of 2016 or beginning of 2017.
Okay, let's come back to our chart. The last post of mine "Oil- Target Recent High" was showing that oil would reach $49 and then started retracing back to retest the downtrend line and support around $43-$44. Well, it happened like I said. Oil came down to $43 , retested and now bounced back to $46 level. If oil manages to close above MA(20) at the weekly chart, which is around $46.5, it will be quite a sign.
So my recommendation for all is to buy this market if this week closes well above $46.5/barrel. If it does, it will likely head towards $51-$52 level.
If you have not read the last post of mine, here is the link
Stay Tuned !