OIL is still in downtrend. After a retracement up, we can see that the price is contained within the M H3 camarilla pivot and it is dropping just below the Q L3 camarilla pivot 70.88.
OIL Technical Analysis
Bears are advancing
Downtrend
Oil might be back to 65
M L3 61.36 not excluded
Swing low/historical support
Swing high
Temp Support
Entry
OIL is still in downtrend. After a retracement up, we can see that the price is contained within the M H3 camarilla pivot and it is dropping just below the Q L3 camarilla pivot 70.88. Further progression down should lead to Q L4 level 66.74. A break below and a close below the Q L4 should get the price to 61.36 but at this point it’s pretty far. We should see a momentum to the downside before the price rejects again with a bullish retracement. OIL is sometimes a volatile market and selling rallies is the option now.
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