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USOIL Potential Upward Movement

USOIL Long-Term Trend: Bullish

Key Resistance Levels: 75.48, 79.07, 84.90.

Key Support Levels: 66.16, 61.89, 58.73.

Daily Time Frame:

The price on the higher time frame failed to continue its move to the downside below the 66 USD mark where it posted an engulfing bullish pattern with a long wick to the downside showing that the buyers most probably took control of the market. This led to a reversal and a move higher in the coming hours.

USOIL Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the market succeeded to break the bearish channel to the upside after posting an inverse head and shoulders near the highlighted zone. A lower correction could be seen to this mentioned area before a new impulsive wave toward the target profits.

Signal Idea:

Buy Limit Order @ 67.74

TP 1 @ 74.12

TP 2 @ 79.07

Stop Loss @ 65.35

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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