Take on Oil. shorter term time frame to follow. Smart money is extremely short OIL at these levels so longs beware.
Commento:
Breakdown with pause in the drop at the 50d MA and then hold so far on support shown at $58. I would expect backtest of the 50d MA from here. High volume selling but fair push off the lows on last two candles. A denial of the 50d MA and prices could see lower trendline test. Volume and price are key at pivot points.
Commento:
I think we've seen short term bottom. expect a test of breakdown or channel bottom before a rollover to ICL