As you can see Crude is currently positioned on a 4/5 year support level which was first tested in May 2018.
As well as that it has reached the breakout point of the descending triangle and has perfectly placed itself on the 0.786 fib retracement level.
All of these indicate a bullish reversal in my opinion, however I wouldn't be surprised to see a bounce before those levels are broken to get rid of weak hands.
Let me know what you think!
As well as that it has reached the breakout point of the descending triangle and has perfectly placed itself on the 0.786 fib retracement level.
All of these indicate a bullish reversal in my opinion, however I wouldn't be surprised to see a bounce before those levels are broken to get rid of weak hands.
Let me know what you think!