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USOIL Potential Upward Movement

USOIL Long-Term Trend: Bullish

Key Resistance Levels: 69.52, 70.77, 74.18.

Key Support Levels: 67.72, 66.29, 66.00.

Daily Chart:

The price on the higher time frame failed to break the 61.79 USD mark by posting an engulfing bullish patter which led to a reversal. The price is in clear upward movement now where the buyers are in control of the market.

USOIL Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the price posted a correction count to the strong support around the 67.15 USD. This support coincide with a 61.80% Fibonacci retracement which could lead to a move upward in the same direction of the main trend.   

Signal Idea:

Buy Limit Order @ 67.72

TP 1 @ 69.52

TP 2 @ 70.77

Stop Loss @ 67.07

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.

2 comments

  1. How is it a limit order if the current market price is below the entry price? When you sent the signal idea the price for crude oil was 67.65 so isn’t it supposed to be a buy stop order?

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