Oil; Trend line Tests
4 Hour chart trend: Mixed. Main price points: 65.22, and 74.90. Looking for: Reaction around the trend-line
The 76.4% Fibonacci support held quite well in the last few sessions in our wave B), which means that higher, red wave C) of a second zig-zag, is still possible. At that moment, traders should be watching very closely for the price reaction around the trend-line that may react as good resistance. In this case, we believe that wave C) will not happen, since prices may easily fall through critical 65.22 support area.
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