OIL: Reaction or Reversal ?
The price levels around 38 provided so far a strong support, as can be affirmed by the three white soldiers candlestick formation of the reaction. The major test lies ahead at 52.16, which represents 61.8% Fib. retracement of the last declining wave and in addition is situated within the Ichimoku cloud. Decisive break of this level could herald a major trend reversal (from bearish to bullish), else the "ideally" proportioned AB-CD pattern could dominate by driving prices towards a possible low of 29.
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.