I am awaiting a rest of the 61.8 Fib retracement area in order to execute short position on Oil back down towards the lows at $58 - With recent data showing a build up in Crude inventories and USA starting to add more Oil rigs, production could start to increase again, this could cause a higher build up of inventories, driving the price further down, also with the USD looking like it could rebound this week means Oil investors could withdraw to buy the dollar, commodities tend to weaken with a strong USD.
61.8 Fib is also the support that held it up, now I am awaiting a retest of it to be acting as resistance to add confluence to the trade
61.8 Fib is also the support that held it up, now I am awaiting a retest of it to be acting as resistance to add confluence to the trade
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