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US/OIL Potential Upward Movement

US/OIL Long-Term Trend: Bullish

Key Resistance Levels: 84.86, 90.07, 92.90.

Key Support Levels: 80.08, 76.18, 70.52.

Daily Chart:

The price on the higher time frame found support around the 80.85 USD mark level, where the asset posted a hammer bar and a fake out to the downside signaling that the buyers are about to take control of the market. This will lead to a move to the upside all the way up to the next key resistance level.

US/OIL Medium-Term Trend: Bullish

1-Hr Chart:

On the lower time frame, the price found buyers near the 61.80 % Fibonacci retracement level which led to the end of the pullback correction and a move to the upside. Another lower correction could be seen before a new impulsive wave toward the target profits.

Signal Idea:

Buy Market Order @ 81.33

TP 1 @ 81.98

TP 2 @ 84.86

Stop Loss @ 81.01

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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