U.S. crude prices slipped back below $30 a barrel after a meeting between oil ministers from Saudi Arabia and Venezuela over the weekend reportedly accomplished little headway toward reaching an agreement that could curtail near-record high production by OPEC.
Most Likely Scenario:- Shot Below @29.00 with target 26.90 for further Extension.
Alternative:- Long Above @29.00 with target 31.27 for further Retracement.
RSI also gives bearish indication for short time frame
Trend bias:- Bearish Pennant Pattern
Candlestick Pattern:- Bullish Engulfing which gives uptrend indication.
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