For those who followed strictly on some technical indicators (support/resistance/rsi etc), you might think OIL price is going down. However, please be cautious.
Based on my style of waves analysis, if OIL price were to stay above 58.06 in the next few hours, it will go as high as 60.28.
Based on my style of waves analysis, if OIL price were to stay above 58.06 in the next few hours, it will go as high as 60.28.
Note
Pardon for not giving an update. On a personal level, I have re-enter the trade based on above depiction (confluence with -0.27, with 0.382 & -0.618 confluence as SL). Bear forces have weaken at that point. Coupled with OPEC optimism, a rally was incoming as expected.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.