Oil is interesting this week as there is a potential hidden bullish divergence forming. To complete the divergence we need to see a local bottom above 69.165 level on the weekly.

On the daily the criteria for support remains the same but a confirmation could only be seen as a sustained move above the declining resistance trend line which can be seen in the given chart.

On the 4hr time frame we can seen an immediate support at 69.45 level with a 3 stab hidden bullish divergence indicating, that ‘if’ we manage to sustain the local bottom over here then the possibility of a bounce can put is in a strong position of a bounce which can later replicate itself on the higher term time frames as well.

 

 

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