DECIDING LEVEL FOR OIL

Currently, the price is between two very strong SUPPORTS. To be fair, this range has kept the price there for more than 20 weeks and is building the price to probably pump.

There is a divergence (accumulation) on W1 and if the price breaks through the KIJUN line on D1 and additionally through all the support, the next target for the price is the KIJUN line on MN1.

If the KIJUN line of MN1 fails to hold, OIL could head to 110 and then to the last peak.

The opposite scenario is to break the divergence and lower support and touch the MAIN SUPPORT.

Comment:

OIL breakthrough KIJUN LINE on D1. Now, it seems like the price is going to retest TENKAN/KIJUN on D1.

There is still problem with resistance above last high, but it's starting to look like OIL will change short-term trend to uptrend.

I'll looking for opportiunity to BUY from KIJUN/TENKAN level.