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Something doesn't feel right with the way $ORDER is consolidating here.
We’ve been stuck in this choppy range between $0.053 and $0.058 for days now. Every time we try to make a run at that $0.060 psychological level, the volume just dies out and we get a slow bleed back down.
The structure is making slightly higher lows since that $0.044 bottom, which is a good sign, but we need a solid daily close above $0.059 to actually confirm a trend reversal.
If we lose this current support at $0.054, I’m expecting a quick drop to test the $0.048 area again. The order book is leaning a bit heavy on the sell side right now so I’m not jumping in yet.
Probably best to let the market decide the direction first.
#OilBreaks110