We are starting the week with oil right where it was at the beginning of last week. There is a reason we want to know where large VPOCs develop. They exert an attraction on the market and when we’re around them price tends to misbehave.
After testing up and away from this $49.13 zone, it is imperative we be on watch for a move to test the other side of it. Accepted trade below $48.60 and especially below $48.46 could reignite the bigger downtrend in play.
I have highlighted the mentioned price levels and more on the following charts:
