The 50% fib at mid-upper $48's is looking likely. After that, if it can't break the trendline, look for bearish positions to lower $42's. If oil breaks the tendline, look for long positions to lower $50's or near $52.
Commento:
50% fib reached. Still have the trend line to deal with. I'm not really sure what's next. Peek above the 50 and touch the trendline? I'll probably be taking short positions off the trendline bounces if it makes it there, and switch to long if it makes longer candle (1hr, 2hr) closes above the trendline.