In this chart we can see oil
descending in a downtrend and found support at 50.72. It seems like Oil
is retracing up to make another swing high to continue it's downtrend. We can see we had a rejection of 78.6 fib but has thrown 3 wicks down at the 50fib trying to break it but has found support. If we cannot break this, we could see potential upside movement to $55 and beyond. Confluences to support this would be break and retest of descending trend line
falling as we know they move opposite to each other. Also looks like an inverse Hns
. Will be watching this this week. I will be long Bias on this week.
-Blue line 50 fib
-Green Line 61.8 fib
- Yellow line 78.6 fib