OIL STRUCTURE ANALYSIS| SCENARIOS UPDATE
OIL has fallen following the strengthening of the dollar and rumors of the slower economic recovery due to the 2nd wave of Covid-19.
On the technical level, oil has reached a support confluence of the smaller and greater parallel channels as well as the major horizontal key level.
Therefore, I am bullish biased, based on the technical analysis.
The retest of the channels resistance is possible so for those who are bullish entering a long now provides the best risk reward.
For us to turn bearish, we need the support confluence to be conclusively broken downwards.
Then we can go short on pullback.
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