Oil may rebound to retest the 55.00 LVL as sellers booked profit

We sold brent from 56.50 and has closed the position last week as price bounced from an year long trend line, circled blue. Recent OPEC cut pledges in second half of the year may give some confidence to buyers.

Two long wicks on 14th of march and 20th march, yestreday, put on the case for a retest of 55.00 level. A daily close above 52.39 will stamp the idea.

Wait and Watch time for Oil traders...

Trade with care...
NOTE : IDEAS ARE PUBLISHED TO TRADE ON DAILY TIME FRAME ONLY...