Holding a short position on USOILto 57.2 before OPEC, I'm looking for couple of scenarios leading up to the meeting:
the first one is a drop to the 57 zone and then rebound to 61 leading up to opec after that a drop back to the 52-53 zone.
the second one is a drop to 57 zone and then maybe a lil bounce before selloff resume leading to a low around the 52-53 zone.
Looking a the chart we just approach a supply zone on the weekly so I'm looking for a correction. also the RSI is showing overbought conditions already.
the first one is a drop to the 57 zone and then rebound to 61 leading up to opec after that a drop back to the 52-53 zone.
the second one is a drop to 57 zone and then maybe a lil bounce before selloff resume leading to a low around the 52-53 zone.
Looking a the chart we just approach a supply zone on the weekly so I'm looking for a correction. also the RSI is showing overbought conditions already.