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.
Buy Limit Order @ 67.74
TP 1 @ 74.12
TP 2 @ 79.07
Stop Loss @ 65.35
Trade Safely 🙂