looks like trend is changing to bullish since broke out of trend
looks like trend is changing to bullish since it broke out of the downward trend line.if oil closes above 36.97 then it will be a bullish but if close below 36.97 then we could test 36.25.This is pivotal point.I wouldn't hold a position either way but oil is more likely going to go up on assumption that the rig count will be negative. The MACD shows that oil still has a way to go down but not much.I would consider going long when MACD hits -0.26
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