UKOIL chart looks like a triangle inside a correction. Very whipsaw correction on oil anyway....
I´m expecting oil to test the lows of the day but bounce up on the US session. If the triangle is confirmed, it shouldn´t break up but head down again and break the entire correction limits by tomorrow. Probably, EIA report will be a trigger same as on previous weeks.
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The last 4H candle looks like an impulse to me. Therefore, I expect the triangle to be broken to the upside and test the channel limits.
Entered long Brent at 47. SL: 46, TP: 49.45 as per Fibo extentions
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Closed long earlier with a small benefit. I will not trade anymore inside the triangle.
Our levels to watch are 45.80 or 47.50. Once the price secures any of these levels, we can talk about entering long or short