#OIL made it through some supply which is a good sign for more upside BUT we are still within higher timeframe supply which should be noted!
Why is it important to note that #OIL is inside a massive SUPPLY ZONE . This supply is on the weekly timeframe which suggests to us that the banks could be taking profits on long positions at this location. Not a time for us to go long!
Recently we've seen the banks add to their longs on #OIL all the way to 400k. So they may start closing some down at this supply.
