This is a 3 points touched trendline, therefore, 1263 level gives strong support. The closed of the next 1 hr and 4hr bar is crucial to give us the information if Buy signal around 1263 will provided here!
Oil is currently doing a sell correction , I believe Oil is being bullish here Technically on Daily and Weekly.
I expect it to go as high as 59.42.
I am expecting to join this upward rally once the sell correction completed.
Business area to Buy at 49.30 – 49.98
Buy bias aim for 2R or above.
Between 42.60 - 44.20 is the range to be retest for its support strength if Bullish is valid.
If it is valid, I would enter from those levels and target for Target D.
With Scale in strategy. From the Fib levels that is bisect with previous high.
As suggested, short from the downward channel, price tried to break out of it but failed from this resistance level around 0.85235. Already pull back and retest. Resistance level continue to be valid. Also, Reversal of RSI around 66 (overbought).
Target 1 : 0.84451
Target 2 : 0.8370