US OIL : Break above 39.30 required for Bullish Continuation

OIL has started the downward correction and reached around 34.60 which is the Fibo Extn. 1.61

Usually, if the price extends above 100% on Fibo, it's a sign of trend formation; one can expect the pullback and continuation of the move in the same direction.
Therefore, I remain bearish for OIL until it closes above the falling trendline and breaks resistance at 39.30


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