Im a bear on OIL due to my technically analysis
Market is flat(ranging) AND PRICE is bearish with stoch heading to oversold. Price came of the top of the range near MR1 54.5867 with the target of MS1 47.1767. Price currently on support MM2 49.0300 which is green.BULLS might want to enter and push the price to MM4 56.4400 according to pivot point theory.
Market is bearish and price is bearish with oversold stoch.Price has opened at support (green)WM2 49.400 for the start of the week with the target of WM4 53.7600 which is top of the range.AS a bear im looking to enter at my resistance which is pink at wpp 50.800 (fib 38.2) ON MY SMALLER TIME FRAMES with a target of WS2 46.440.if price breaks i will look to enter at WM3 51.5800 (FIB 50.0) WITH A TARGET of WM1 47.2200(FIB 138.2) WHICH is a confluence of MS1