To me Oil -2.29% is oversold. Breaking the Weekly S3 Pivot substantially and reaching the lowest 4h RSI value in months, means that we should eventually get a rebound. There is quite a bit of support in the 48-49 region, mainly from older resistance turning into support.
In my opinion, the market could rebound soon, but the best entry would be around 46.5-47. At that point the market will be extremely oversold, with a massive gap from the moving average and we will hit the trend line support.
In my opinion, the market could rebound soon, but the best entry would be around 46.5-47. At that point the market will be extremely oversold, with a massive gap from the moving average and we will hit the trend line support.
Nota
If people got in, my opinion is that their first target should be around 49.75, second around 50.75 and final but unlikely target is 52.3. I guess people could still jump in, but the R/R isn't really that favourable
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.