Oil failed to break the October 9th high. It's beginning to form a descending triangle, EMA's are starting to cross, and it hasn't touched the 200D MA in a while. Enter at the top of the triangle, or for a safer play on a close below 45.80. Price target ~41.50.
Comment:
We reached the original goal of 41.50 faster than expected. Price hasn't touched the bottom of the channel yet, and the 200 day MA is just below. Still waiting to see a touch of that 200 day MA and/or the bottom of the channel, then a possible nice reversal to get long.
Comment:
Oil broke both the 200 day MA and the channel today. After a lot of down days in a row, does it have anymore right now? Neutral-bullish slow ride up the bottom of the channel possible while RSI resets itself. Not bullish unless over 42 this week.