USOIL in longterm demand zone
With the price now hovering near its lows since fall 2010 it would make a perfect entry point to play a bounce.
The fact that the last high didnt reach the longterm supply zone does not justify a freefall without major retraces.
Only 3 out of the past 21 weeks gave gains, with the drop now being in its 8th consecutive week.
3 Reasons for opening a long here:
1. We're playing with the lower BB band again, after that massive drop from 90-80
2. The RSI shows the drop might be losing strength
3. All the while being in this longterm supply zone.
These reasons would advocate for a bounce. I chose the 0.5 and 0.618 fib levels for that.
If the longterm demand zone fails without any major retrace, too bad.
The fact that the last high didnt reach the longterm supply zone does not justify a freefall without major retraces.
Only 3 out of the past 21 weeks gave gains, with the drop now being in its 8th consecutive week.
3 Reasons for opening a long here:
1. We're playing with the lower BB band again, after that massive drop from 90-80
2. The RSI shows the drop might be losing strength
3. All the while being in this longterm supply zone.
These reasons would advocate for a bounce. I chose the 0.5 and 0.618 fib levels for that.
If the longterm demand zone fails without any major retrace, too bad.
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