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