Oil Outlook week 27/3

NYMEX:CL1!   Light Crude Oil Futures
Oil's been a real cliff-diver recently coming down from almost 55 to 47.50 without much of a pullback. Having said that, as predicted in last week's oil outlook (linked below), it wasn't a great week for oil traders...the range mentioned was just as crappy as expected.

Overall bias is still short with a bearish regression. BUT, not by much. A clear break of 0.0000 on the regression indicator and stabilization above it would indicate a trend change to the upside. It's too early to predict that what's going to happen...but worth keeping in mind. We could see the early signs of a temporary bottom forming.

For shorts I will watch price action at 47.60 (needs a strong break to get me in that low), 48.15ish ( aka where we are now) and 48.80ish.

For longs, assuming price action shows bullish momentum, I'm keeping an eye on 47.60ish, 48.15 and given very bullish momentum a break of 48.80ish. Above I'm just going to follow momentum and obviously keep an eye on the psychological 50.0 level.

So yeah, overall still slightly bearish , but with a potential bottom forming.

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