Oil has come to a stand still around our first zone and has had a double rejection but that isn't to fool anyone has the previous four hour candle closed very bullish...
Oil will now follow 1 of 2 scenarios as this isn't a consolidation region.
Oil will drop to the 79.40 mark where it will either fill buy orders and takes us back so liquidation can happen around the 81.60 mark and then the real drop comes or it will fail to find support at the 79.40 and continue a down trend back towards 76.40.
At this moment in time I am favouring a drop as bulls have failed to break our first zone on two attempts but like I said the previous 4 hour is bullish so any short now need to be taken with care as a manipulative move could take place.
Either way...USOIL_SIGNALS is already positioned! STAY AHEAD
Oil will now follow 1 of 2 scenarios as this isn't a consolidation region.
Oil will drop to the 79.40 mark where it will either fill buy orders and takes us back so liquidation can happen around the 81.60 mark and then the real drop comes or it will fail to find support at the 79.40 and continue a down trend back towards 76.40.
At this moment in time I am favouring a drop as bulls have failed to break our first zone on two attempts but like I said the previous 4 hour is bullish so any short now need to be taken with care as a manipulative move could take place.
Either way...USOIL_SIGNALS is already positioned! STAY AHEAD
