Oil Short in the Near Term Long in the Long Term

Currently we see oil at levels of interest again, we primarily expect price to rotate off of this resistance area above and fail. We don't really have any drivers in the mean time for a push past 49.80 and to hold in the 50, so we expect price action to be king and that a test up will lead to final test down before the OPEC meeting later this month.

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If price holds above the red area, then we could look to go long. If it fails, look for the rotation down for a better entry for a long.