OIL Overview>>>>>>>>>>>>>> Oil inclined, stabilizing above 29.60-29.65 with a four-hour closing above this level and that is a positive catalyst. We need additional confirmation with a move above 30.60 levels to extend the bullishness; otherwise, we will close all opened positions.
On the downside, coming below 27.80 will cause failure and we have issued a position for our subscribers in the yellow zone. Despite the positivity on oil with trading above moving averages at 29.00, but we need to witness a stable move above 29.65 to extend the correction. ADX shows decline in bulls’ power, but remains positive, while RSI trades above the value of 50.00.
We will be neutral until prices stabilize above 29.65 and we will update with the market movements.