OIL

OIL H1

Oil moved down from 48.23 to 45.84 yesterday and this was triggered by the negative data that came out from Crude oil inventories yesterday that came out at 3.295M which was negative compared to the expected -3.464M. So now that price has moved down and made a lower low/broke the range that has been happening since Monday. Bears will wait for a pullback before entering short on oil again, so ideally one would wait for a role reversal at DM3 (47.12) which is also in the fib level. Just need to wait for price to move up so that we can sell high and also sell at resistance.

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