86
Watching the $OIL bounce closely, potential resistance at 28.50
That bounce in $OIL from the earlier lows around 28.10 has been fairly quick. I'm looking at the 28.50 area as a potential short-term resistance point. It was a level that held a few times last week as minor support before the break down, and now it could flip to resistance on this retracement. My concern is if we clear 28.50 convincingly on decent volume, which would invalidate that short-term bear scenario for me, and I'd then be looking higher towards 29.00. For now, it's about seeing if this momentum holds or fades into that old level.
2 comments · 86 points
Good observation on the 28.50 level. I'm also watching if the volume picks up on a clear of that point; it seems crucial for the next move.