Oil Short Setup
Oil looks to have caught a bid at channel support with a doji and bullish engulfing candle, watching for a bounce to retest the 2009 lows at 32.70 as resistance after having broken this level on 01/11/2016. Overall market bias is bearish across M,W,D time frames,supporting the short thesis and the area coincides with channel resistance, 50% fib retrace, 2009 low break and retest. I will be waiting for a potential relief rally and will enter on signs of deceleration around the $32.70 level
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