Bounce in Oil due
just observations on oil - the following maybe reasons for a sudden and aggressive bounce on oil forthcoming
1. approaching multi year lows at 32.90, which previously sparked a 'decent' response
2. bullish divergence on RSI
3. trading in falling wedge pattern, often a reason for volatile breakout to the upside
(4. haven't checked, but there maybe fib ratio confluences as well)
i will be keeping an eye out, but am pretty confident the 33 and 32.90 levels will be tested. what happens there will be interesting.
1. approaching multi year lows at 32.90, which previously sparked a 'decent' response
2. bullish divergence on RSI
3. trading in falling wedge pattern, often a reason for volatile breakout to the upside
(4. haven't checked, but there maybe fib ratio confluences as well)
i will be keeping an eye out, but am pretty confident the 33 and 32.90 levels will be tested. what happens there will be interesting.
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