Double bottom on the price of UK OIL with bullish divergence on the RSI on the daily chart,
Good entry for longs and taking profits at $62 where the 20 MA is at at the moment , price in case of an uptrend most likely will travel towards that level,
Also Fibonacci taken from the high to low of the descending channel we have been trading in for the last few days gives a 0.382 level around that price as well creating a zone of confluence.
Also switching to the 4 hour chart and having a closer look to that descending channel , the MACD shows exhaustion on sellers as prices moves lower which is another type of divergence.
Good entry for longs and taking profits at $62 where the 20 MA is at at the moment , price in case of an uptrend most likely will travel towards that level,
Also Fibonacci taken from the high to low of the descending channel we have been trading in for the last few days gives a 0.382 level around that price as well creating a zone of confluence.
Also switching to the 4 hour chart and having a closer look to that descending channel , the MACD shows exhaustion on sellers as prices moves lower which is another type of divergence.