Oil - Higher Weekly Low support chart #4

Please Note this analysis is for the March contract; CLH7 - oil prices will roll over from G to H this week. Also, the patch described is hypothetical; targets/support/resistance are what matter, I believe the believe the 12/2 buying climax will hold as resistance.

1. Prices have been rejected at the daily BB midline
and are below the daily 9 MA
2. TL of last two daily swing lows and the last daily
selling climax are at approximately 51.66 level.
4. Daily bars showing declining peaks and troughs, indicating
a potential reversal
5. I have found that .618 run ups are common in descending
wedges; 1/12 high was approximately a 618 run up off
of the 1/6 high
6. I am looking for a drop and potential bounce at the previous
selling climax, 51.66 and .618 bounce to 53.2 level followed
by breakdown of 51.66 and the overall distribution range;
It is common in a keltner channel to see rejection at the
midline prior to a break below, this would be in line with
this hypothetical scenario; first target after breakdown = 50.00

This is an observation not a specific strategy as I tend to keep wide stop losses.

Good trading all!