OIL.WTI – A price action signal for reverse

OIL.WTI D1 Our expectations:

Mid-term long trend and short-term short correction. The 57.7 level remains under observation and the price gave a signal for reverse. The price reached 200SMA and rebound sharply.

Price action: Pin bar on a support level

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

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

 Trader Georgi Bozhidarov

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