Oil due a Bounce?
The markets have taken a bashing lately and right now they look a little over-extended to me. If you look at oil right now (daily chart above) you can see that it has made a base (price has bounced 3 times at this level). Support at around the 9550 level. If you draw a horizontal line back from here, you’ll see that this was a previous area of support and if the big boys were to come in, this would be a good point to. Still, with markets, you can never be sure and going long here could be like catching a falling knife.
It is very tempting however.. it could be a very good entry for a long….
