Captain_Walker
Short

OIL: Potential trouble ahead

TVC:UKOIL   CFDs on Brent Crude Oil
Several important things converge on UK Oil price (on weekly chart) creating probabilities for the south on most lower time frames:
1. Original Grade A ATR switch for the south.
2. Bullish rebellion into a near 61.8% Fib
3. Weak squeeze momentum rebellion (so far).
4. Horizontal zone of congestion near recent price.
5. VMA resistance level .
Note that VMA and ATR resistance are each more powerful than ordinary horizontal resistance/support. But now we have confluence of ATR and VMA levels.
Nothing in this snapshot analysis means that Oil price cannot go north. There are no predictions here.
Note that a downward adjustment to March 2019 total nonfarm employment of -501,000 was made! See here at US Department of Labour Statistics https://www.bls.gov/web/empsit/cesprelbmk.htm Get real news, not fake news!
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