BOIL hitting a major line of resistance
For the 4th time since 2012 BOIL has hit the bottom of this descending channel. The fib extension landed perfectly on the 1 (3.31) and the stoch RSI (monthly) is showing oversold. A short-term move up to the first and/or second brown line has been the historical bounce, eventually making it to the third brown line before falling again. So lets see if it reacts the same way or if it finally busts below this blue trendline.
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