Yesterday, Oil fell 3% from a Sell Zone that I mentioned in my weekly newsletter (#WeeklyMarketsAnalysis on Twitter) and in my IG account.
The bearish reaction to the Sell Zone confirms that there are sellers between 49-50$ .
Today we see a bullish pullback that drives Oil back into the Sell Zone, now testing the 200 days MA line as resistance.
This is a potential continuation setup for those who wish to trade Oil lower.
The final target zone of my bearish setup is 45-46$
The bearish reaction to the Sell Zone confirms that there are sellers between 49-50$ .
Today we see a bullish pullback that drives Oil back into the Sell Zone, now testing the 200 days MA line as resistance.
This is a potential continuation setup for those who wish to trade Oil lower.
The final target zone of my bearish setup is 45-46$