We had a last 60 min huge engulfing candle on Friday. Now the signs are more clearer. If we break 900- play the long side. If we break 870, we head to test the 840-860 band. Not sure if we will break the 840 band. Things will become very clear by Tuesday afternoon.
Oil is still a falling knife that doesn't see any chance of a rebound. Till then, stay away or short oil.
Here is a weekly chart of oil.
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