OIL: Reaction or Reversal ?

3 сент. 2015 г.

The price levels around 38 provided so far a strong support, as can be affirmed by the three white soldiers candlestick formation of the reaction. The major test lies ahead at 52.16, which represents 61.8% Fib. retracement of the last declining wave and in addition is situated within the Ichimoku cloud. Decisive break of this level could herald a major trend reversal (from bearish to bullish), else the "ideally" proportioned AB-CD pattern could dominate by driving prices towards a possible low of 29.