OIL.US 09.05.2017
Time frame D1
Middle-term uptrend, higher tops and higher bottoms. The price reached horizontal and diagonal support and FiBo 38.2.
Price action signal: Pin bar at levels of diagonal support and FiBo 38.2
Technical indicators:
RSI(14) - Broke level 30, which is positive signal. But is trying to go back below the level which will gives us negative signal from the oscillator.
SL: 45.90
Alternative scenario: If the price goes below the diagonal support and FiBo 38.2 will make lower bottom and we may look for a short positions.
Trader Bozhidar Arabadzhiev
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