About meI don't trade signals, indicators, or harmonics so if your into that and want to discuss it, you've come to the wrong person. I use good, old-fashioned, Graham-and-Dodd fundamental analysis. If you want to learn more, join me and let's make some money!
Overall oil looks to be headed down but there is a possible buy opportunity. There is divergence in the MACD indicator and a ending diagonal. This could be the start of an upward trend for oil but it's too early to say. Upside potential between 500-800 pips depending on how long the breakout takes.
I see a lot of hopeful analysis that predicts bullish behavior in the coming months but I don't see that playing out. The RSI has never risen above 60 (except to clip 61 for two days) which indicates the downtrend may be continuing. Also, a loose, but still viable, bearish Gartley seems to have appeared. Upward ...
Price seems to have hit a wall at 15.60 after the bullish cross of the blue 7-month long resistance trendline. Momentum is waning at the moment but OBV is increasing and MFI and RSI are both extremely bullish at the moment. I expect a retracement to the support line and then a punch through to 16.60.