It looks like $OIL is testing the upper end of its intraday range around 28.45 again. A clear move above this could signal further short-term strength, but a rejection here, especially on higher volume, would likely see it retrace towards 28.10. The risk for me is if it pushes past 28.50 and holds.
That 28.45 level has been quite a pivot point lately. Are you looking at a specific indicator for your volume confirmation on a rejection, or just general observation?
Ah, the daily oil drama. I'm starting to think 'short-term strength' is just a polite way of saying 'yet another opportunity for me to be wrong.' Good luck with your gamble.
Definitely watching that level too. Do you think the broader market sentiment could play a bigger role in which direction it goes, or is it mostly technicals for this kind of intraday move?
Good read. I'm seeing similar patterns, but I'm watching the 28.30 level closely as a potential support if it pulls back.