Currently oil is sitting slightly under last week R1 (25th - 30th Aug), it was rejected a bit when it hit that R1 but if we closes today under 56.24 then we should see more of a bearish movement.
The possible range it would go down to would be 55.12 - 54.78 and if the bearish movement is strong enough it will go beyound that.
Possibly even down to 53.01 as I see it in the bigger TF it is still bearish.
Keep in mind the Nonfarm Payrolls will be out tonight so if you want to trade comfortably then stay away until you have a clearly picture and remember, stop loss is your friend.
The possible range it would go down to would be 55.12 - 54.78 and if the bearish movement is strong enough it will go beyound that.
Possibly even down to 53.01 as I see it in the bigger TF it is still bearish.
Keep in mind the Nonfarm Payrolls will be out tonight so if you want to trade comfortably then stay away until you have a clearly picture and remember, stop loss is your friend.