Oil has been bullish since the end of the year 2018, and with an average volume increasing from 1.5M contracts (1000 barrels) to 2.5M, its price gained 53%. This week more volume was noticed, a total of 5.1M contract, driving its value to 66.00$. Nonetheless, within the last two days, there was a strong bear pressure on oil, plunging it to the consolidation area surrounding the institutional level 63.00$.
Likely Scenario : Bearish (Sell) - Oil has more chances to break the 62.00$ support and reach back 60.00$ or the consolidation area surrounding level 59.00. Setup : Wait for a downward breakout @62.00$ to sell Stop Loss @62.80$ Take Profit @60.00$
Unlikely Scenario - Oil has less chances to be stopped @62.00$ and jump to the consolidation area surrounding level 64.00$.