Crude Looks Bearish
50.55 Level will be an important level for Crude Since it is 78.6% retracenent
from 5th February low till 20th February High
Once It breaks Further downside Can be seen
42.50 Is previous Swing Low which can act as a support
40.00 can act as a round figure psychological Support Completing the ABCD formation on the bearish Side
Do...
From the low of 47 it seems that the Oil market has reversed, atleast for the short term.
As of now it looks like the 3rd leg up is complete, however the placement of the double bracketed 5 is certainly questionable.
Therefore I'm discussing setups for both directions, please keep in mind that the analysis is for short term.
If this market goes below the black...
