Oil to combust
As you can see we've been consolidating for some time between the .618 and .5 Fibonacci levels.
The weekly 9 MA appears to be rolling over insinuating the potential for more downside, and likely scenario of a death cross 9/20.
Waiting for a weekly close below the .618 level in order to validate the potential of targeting the .764 level.
Will look to short a backtest of .618 following the breakdown, and will utilize a 4 hour chart to determine entry.
Good luck and Cheers,
Mayo
The weekly 9 MA appears to be rolling over insinuating the potential for more downside, and likely scenario of a death cross 9/20.
Waiting for a weekly close below the .618 level in order to validate the potential of targeting the .764 level.
Will look to short a backtest of .618 following the breakdown, and will utilize a 4 hour chart to determine entry.
Good luck and Cheers,
Mayo
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