In two of my previous ideas, I have called for a drop in Oil. The first level came at 52, and with the break of that, a far more decisive level came at 53.0
Oil has refused to close above 53.0. We had a massive bearish candle on the daily, and now the price rockets down.
I believe this is the beginning of a bearish trend. If I am correct, and this top presents to be a major turn, then I expect the price to decline at least to 49.40- 48.70 zone.
From there, we can evaluate our position, as the structure of the downtrend will give us a clue as to the way the market takes shape.
Oil has refused to close above 53.0. We had a massive bearish candle on the daily, and now the price rockets down.
I believe this is the beginning of a bearish trend. If I am correct, and this top presents to be a major turn, then I expect the price to decline at least to 49.40- 48.70 zone.
From there, we can evaluate our position, as the structure of the downtrend will give us a clue as to the way the market takes shape.