While I'm not big on trendlines, there is one that has clearly been defining Oil's bullish structure. Once that line breaks, I see a quick path back to $62 as the first support lower.
It might take some time to play out because Oil is oversold on low timeframes, but watch for this line to break as it'll make a great short over the coming weeks/months.
It might take some time to play out because Oil is oversold on low timeframes, but watch for this line to break as it'll make a great short over the coming weeks/months.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.