Oil, look for a rebound
Updated
Crude is at an interesting juncture. First, 61.8 fibo retracement from 2016 low. Then, volume, if any good on TradingView, has been increasing on down price in October and November. But the last week decline in price has been accompanied by low volume. Exhaustion ? Finally, it's not clear if the decline is a five wave pattern, but one thing for sure is that most of the time triangle pattern occur just before the final move. This week, we had the leg down that followed the triangle.
Note
And most importantly, Positive divergence.
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.