Oil has formed support and resistance levels exactly around the D H3 and above W L5. The market is heavily ranging.
Confluence zone for sellers is 41.21-41.66. We should see selling towards 40.59, 40.02 and 38.47. 38.47 is the first level to watch for possible longs. If the market doesn’t reject there, then watch for 88.6-78.6 Fibs 37.37 -37.85. Buyers are positioned there, and the price should bounce to 38.47, 39.01 all the way up to 41.64.
The Analysis has been done with the Black Widow system.