has been coiling for two weeks now after it hit the 50% retracement
point on the whole bull cycle from $26, and almost reached the 23.60% fib extension support based on its first impulse/reaction pivots
of the $26 bottom. There are a lot of traders that see these things and most of them will not feel comfortable being exposed to long risk at this point. This in turn will impact
the supply side and oil
price is more probable to find some respite and orchestrate some sort of a relief rally. It seems reasonable to be looking for a buy setup as the market is still above the bottom and sellers are still unable to push for further lows.