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 🙂