Reaction point at $48.x on Crude Oil ( Brent)
I see 48.x as an important level in this market. I favour a break to the downsize in the next week. I will be also prepared to go long if price breaks out to the upside, can close above the level and pull back.
The Price Action Story:
A few things give a bearish bias in the short term.
1. Price action shows a medium term descending trend line.
2. Double top with price divergence.
3. Price capped in 6 month uptrending channel could result in mean reversion of price
4. Relative psych level 48.x
The Price Action Story:
A few things give a bearish bias in the short term.
1. Price action shows a medium term descending trend line.
2. Double top with price divergence.
3. Price capped in 6 month uptrending channel could result in mean reversion of price
4. Relative psych level 48.x
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