Oil towards $38
Daily chart shows breaking the support trendline starting from $26 (Feb 2016).
If not back into the channel again shortly, then selling pressure will increase.
Next support level is $38.96, then $35.48.
If not back into the channel again shortly, then selling pressure will increase.
Next support level is $38.96, then $35.48.
Note
Price stayed >3 days below the trendline.Breakout confirmed (at least to me) & short position added.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.