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Oil awaiting signal for a long

OIL.WTI D1 Our expectations:

Mid-term long trend and short-term short correction. The 57.7 level remains under observation awaiting a reverse signal. The price reached 200SMA, a sharp rebound is possible.

Indicators:
Test of 50% Fibonacci.
Price below 50SMA and test of 200SMA. The moving averages are stacked in a bullish formation.
DeMarker in neutral territory.

Alternative scenario: Break below 57.7 most likely will lead the price to a deeper correction.


 Trader Georgi Bozhidarov


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