OIL is bearish and we can see that retracement is hitting the POC zone. That’s means one thing- we should be going down.
The POC zone is within 38.67-39.20. Watch for rejections within the zone. Targets are 37.70, 37.25 and 36.40. A continuation below 35.40 should be followed by 34.39. If the market breaks above 39.90 we could see a move towards 40.68 where OIL should be sold again. 41.66 is the final line where bears are safe. Sellling the rallies is in progress.
