Oil needs to keep up the uptrend or a correction will ensue.
Breaking below 59.50 signals a downtrend.
Breaking the triangle up signals stronger uptrend. In the next couple of days, there's a chance dollar will gain serious strength and break below the triangle.
This time, breaking below 57 will make sure oil goes into new lows.
Also, that bearish divergence on daily RSI won't go away and this is still biased for downtrend.
Breaking below 59.50 signals a downtrend.
Breaking the triangle up signals stronger uptrend. In the next couple of days, there's a chance dollar will gain serious strength and break below the triangle.
This time, breaking below 57 will make sure oil goes into new lows.
Also, that bearish divergence on daily RSI won't go away and this is still biased for downtrend.
