OIL is bearish and we can see that retracement is hitting the POC zone. That means one thing- we should be going down.
The POC zone is within 38.67-39.20. Watch for rejections within the zone. Targets are 37.70, 37.25 and 36.40. A continuation below 35.40 should be followed by 34.39. If the market breaks above 39.90 we could see a move towards 40.68 where OIL should be sold again. 41.66 is the final line where bears are safe. Selling the rallies is in progress.
The Analysis has been done with the Black Widow system.