OIL consolidation and reversal soon

9 thg 8, 2016

I am still long on oil. YES, there is basis to support a reversal on long term daily chart, this is a reversal zone, but I think the potential reversal of OIL is maybe a bit premature. The reason for this is oil has not yet reached 38.2% daily FIB level as indicated on my chart. I think we will see some consolidation/hesitation now then another push upwards with tops being around 43.95-44.40 is possible. Let's see.