Prices managed to bounce and stay above yesterday's low but the Trend Average has turned bearish. Looking at the pattern, if support keeps holding, we should see a rally early next week. However, a break of 2187(and especially 2180) will lead to a much bigger decline to perhaps test the 50 DMA currently at 2156. I have only been long in oil in the past month but if stock prices get to the 2150 level, I'll get in long again.
Have a great weekend!
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Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bullish
Long Term Trend = Bullish