WTI Oil: Will the monthly support hold this time?

Oil tested this week the first 1M (monthly) Support at 42.005 which has so far stayed intact. This level has supported the price successfully on 4 occasions since 2015. From a medium term Risk/ Reward perspective it is worth buying here, aiming at 54.600 which should act as the Resistance. If that level breaks, then the long term bullish reversal gets valid. Otherwise as we've seen last month (November) even a +10% rebound doesn't guarantee a bullish reversal on the long term. Therefore short term traders can look for scalping opportunities within 42.150 - 46.450.




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