Petrol possible test of support level 58.42

Oil: downtrend and short correction movement to resistance level 58.42, 23.6% Fibo.

Today there is a deeper bottom yesterday, which means a possible test of support level 54.19

Suitable level for long positions about 54.19, but only when the RSI passing over 50.

CCI is above 100, indicating that short-term corrective upward movement in force.

Alternative scenario: a break below 54.19 will change my expectations for short with target 50.25

Stefan Angelov – Head of stocks trading

 Varchev Traders

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