Despite the crash Oil is still inside a Triangle
Despite the "Sell the news" crash we saw last Thursday, Oil is still above support.
The 50 weeks MA line, the daily uptrend line and the 200 days MA line provide support to Oil's price
Oil was rejected last week by the 51-52$ resistance zone but as mentioned stayed above support.
Oil looks fragile.
A close below the Triangle will send it lower towards 45$.
But... A close above 50$ can re-validate the bullish scenario. In order to reach higher Oil must break above 52$
Read more about Oil, Bitcoin, Dollar Index and the Dow in this week's newsletter.
#WeeklyMarketsAnalysis (search on Twitter)
The 50 weeks MA line, the daily uptrend line and the 200 days MA line provide support to Oil's price
Oil was rejected last week by the 51-52$ resistance zone but as mentioned stayed above support.
Oil looks fragile.
A close below the Triangle will send it lower towards 45$.
But... A close above 50$ can re-validate the bullish scenario. In order to reach higher Oil must break above 52$
Read more about Oil, Bitcoin, Dollar Index and the Dow in this week's newsletter.
#WeeklyMarketsAnalysis (search on Twitter)
