OIL Bears Are Advancing as the Breakout Lower Is Looking Good

OIL Technical Analysis

• Bears are advancing
• Downtrend
• Oil might be back to 65
• M L3 61.36 not excluded

1. Swing low/historical support
2. Swing high
3. Temp Support
4. 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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Cheers and safe trading,

Nenad