USOIL Long-Term Trend: Bullish
Key Resistance Levels: 70.77, 73.96, 74.00
Key Support Levels: 66.36, 63.70, 62.50
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
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.
Buy Limit Order @ 68.02
TP 1 @ 70.64
TP 2 @ 73.94
Stop Loss @ 66.96
Trade Safely 🙂