Oil has been under some hard times the past two years. Here is my post from awhile back as to my prediction about where the next target is: https://evancarthey.com/updated-long-term-cl-oil-analysis/.
In looking at the 1 hour chart the oil has retraced tot he 50B fib so that means the pullback has done enough to be completed and the next leg up can begin.
For the near-term on the 15M chart with price being in the upper end of MFI I think that it will not do much for one more day since it is Friday. If you need a short term trade for Friday well then I don’t think much is going to happen tomorrow. Long term I am still very bullish and would be looking to get in long any chance I can get.
