Major level of support has been broken, retested and rejected. Expecting further downside from here which could indicate strong oil this week.
61.8% retracement met and rejected. Is this enough for a short?
We could be seeing a possible Fibonacci retracement, but would the market provide us with such an easy set up?
We have somewhat of a head and shoulder formation here. We can also see that price has retraced nicely after a huge push down. I will be looking for one slight push higher on market open to tap into the 78.6% Fibonacci region, providing a perfect short set up.