Support turned Resistance?
I highlighted what may be turning into a supply level for oil.
This is previous support, may be acting as new resistance?
If nothing else, Friday has a very high probability of being a retrace day as profits are taken off the table.
Currently Oil has been on a strong bull run, it would be logical for today to end red.
Things to watch:
A possible deeper retracement towards 50 and below, I am not calling for new lows but a retrace "could" be in order.
Some consolidation and a resumption of the new bull trend.
Please remember Oil is extremely volatile, trade safe, trade to live another day!
This is previous support, may be acting as new resistance?
If nothing else, Friday has a very high probability of being a retrace day as profits are taken off the table.
Currently Oil has been on a strong bull run, it would be logical for today to end red.
Things to watch:
A possible deeper retracement towards 50 and below, I am not calling for new lows but a retrace "could" be in order.
Some consolidation and a resumption of the new bull trend.
Please remember Oil is extremely volatile, trade safe, trade to live another day!
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