Last week oil price worked its way breaking 200MA and 50 FIB level and heading to the last line of defense 61.8 FIB level. As it was mentioned in the previous review (), Saudi Arabia with OPEC is vigorously working its agenda for a higher oil price within the range of 70$ per barrel.
Technical Analysis 50 FIB level and 200MA were broken last week. Driven by fundamental factor price action's kept forming Higher High and Higher Lows, closing last Friday with a strong bullish candle with no rejection.
Still, the market shows force to break 61.8 FIB level. After that break, a clear bearish divergence with MACD will be in place for a healthy reversal, to add more long positions and ride the uptrend to 70$.