I think OIL will drop from here we see a double top pattern form and on a daily chart a double tweezer pattern. It has also respected the down trend line and as we have confirmation due to price action i think this has the potential to drop 400-500 pips.
Let me know your thoughts!
As we know oil run on Opec Oil Production Cut and Freeze. but now Technically oil can take little Correction till 46-46.5 for fresh move. also we can see above 48 oil formed strong bearish bar on H4
So advice sell in range of 47.5-48 with sl above 48.5 for tp 46.5
Brent crude looking like it is about to retest based upon the breakout we saw earlier in the week. I will be looking at the price action around the $47 handle to see whether we have tall wicks and other signs that prices are unlikely to hold above this level. Target will be $41.50.