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USOIL Potential Upward Movement

USOIL Long-Term Trend: Bullish

Key Resistance Levels: 70.77, 73.96, 74.00

Key Support Levels: 66.36, 63.70, 62.50

Daily Chart:

The price on the higher time frame failed to break the strong daily support around the 66.36 USD mark. This could lead to a change of direction to the upside especially that the market posted an engulfing bullish pattern near this area.

USOIL Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the price succeeded to break the bearish channel with the help of a bullish head and shoulders formation. A lower correction could be seen to the highlighted zone before a new impulsive wave toward the target profit.

Signal Idea:

Buy Limit Order @ 68.02

TP 1 @ 70.64

TP 2 @ 73.94

Stop Loss @ 66.96

Trade Safely 🙂

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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