OIL LONG: Clear reversal
Updated
In my opinion this is a clear reversal on 4 major indicators;
1. 200DMA
2. RSI usually reverses around 30 when the price is retracing and not crashing (our case)
3. MACD bullish reversal
4. STOCH RSI bottomed for a week now.
Furthermore, the general environment for oil is good with OPEC talks about extension cuts (even rumours are good to make profits) as well as the trump administration.
1. 200DMA
2. RSI usually reverses around 30 when the price is retracing and not crashing (our case)
3. MACD bullish reversal
4. STOCH RSI bottomed for a week now.
Furthermore, the general environment for oil is good with OPEC talks about extension cuts (even rumours are good to make profits) as well as the trump administration.
Note
Bullish divergence on 4H. This could be possible bottom for now.Trade closed: stop reached
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