If the oilprice continues to break down you have plenty of time to get involved in that move, just like you would have plenty of time to ride an uptrend.
Breaking above the $110 level opens up the possibility of a move to the $120 level, which might take a bit of effort, but it is most certainly a possibility. On the other hand, if we turn around and break down below the lows of the trading session on Friday, then I think we will kick off more selling pressure.
The 200-day EMA has offered significant support near the $95 level, but if we were to break below there, it’s officially the end of the trend, and we would probably fall quite drastically. Nonetheless, I think you are probably better off waiting to see what happens with this trendline retest than anything else in the meantime. After all,
if we do continue to break down you have plenty of time to get involved in that move, just like you would have plenty of time to ride an uptrend.
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