OIL Technical Analysis

• Bears are advancing
• Downtrend
• Oil might be back to 65
• M L3 61.36 not excluded

1. Swing low/historical support
2. Swing high
3. Temp Support
4. Entry

OIL is still in downtrend. After a retracement up, we can see that the price is contained within the M H3 camarilla pivot and it is dropping just below the Q L3 camarilla pivot 70.88. Further progression down should lead to Q L4 level 66.74. A break below and a close below the Q L4 should get the price to 61.36 but at this point it’s pretty far. We should see  a momentum to the downside beofre the price rejects again with a bullish retracement. OIL is sometimes volatile market and selling he rallies is the option now.