Crude Oil has reached an important levels. The prices are hovering around 4035, this level has three important pivot points, the Fibonacci 61.8% levels, swing lows of the former trough and middle Bollinger band. All the levels are marked on the charts. Notice RSI is moving towards 60 levels. This is a minor trend trading method setup.
Two scenarios can emerge from the current setup: First – Bullish – If crude manages to move above 4065 levels and stays there, then probably 4150 & 4290 is possible, it will a sign of trend continuation and oil may carry its move up.
Bearish – The prices if fail to move up above 4035 and a move below 3880 will open doors for more deeper correction levels may correct further to downwards and 3600 may be re tested.
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