Oil is still bearish but clearly at a key bullish zone
The bullish array we are at now contains a flipped imbalance and can indefinitely hold price within it's boundary preventing a close lower close.
If this is the case, we will see heavy wicking in this area and a reverse to the high of the Friday candle high. Depending what happens at the high will determine what to expect next. The main observation that is speaking to us is how price wicked the entire iFVG flip range and closed on the edge of the FVG range. This will be important body level to watch going into next week.
We also expect this low to be wicked but we will have to see how we play the inducement that is going to build in this range.
If this is the case, we will see heavy wicking in this area and a reverse to the high of the Friday candle high. Depending what happens at the high will determine what to expect next. The main observation that is speaking to us is how price wicked the entire iFVG flip range and closed on the edge of the FVG range. This will be important body level to watch going into next week.
We also expect this low to be wicked but we will have to see how we play the inducement that is going to build in this range.
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