OIL

OIL H4

Oil has been in a down trend for quite a while now making a series of lower lows and lower highs. Being a bear on Oil i would like to see it move down to 43.12 which is this weeks target for bears but before it gets down there one would like to see price move up to WM3 (45.89) and look for an opportunity so sell up there, this area is also a role reversal. Plan B would be to sell up at 47.28 which is the bulls target for the week according to pivot point theory. But i will be cautious if price does break WM3 and moves further up because it could mean things are starting to change and bears aren't dominating anymore

One thought on “Oil Technical Analysis”

  1. frank says:

    also watching oil .looking to go long at 43.50

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.