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USOIL Potential Upward Movement

USOIL Long-Term Trend: Bullish

Key Resistance Levels: 78.21, 79.20, 80.53.

Key Support Levels: 76.86, 75.04, 73.71.

Daily Time Frame:

The price on the higher time frame is in a clear upward movement where a series of higher highs and lows has been posted. The market recently managed to break the bullish flag to the upside and retraced to the strong highlighted support. A new bullish impulsive wave could be seen now.

USOIL Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the price succeeded to break the bullish flag formation to the upside after finding buyers around the 50% Fibonacci retracement level. A lower correction could be seen before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 77.00

TP 1 @ 78.14

TP 2 @ 79.20

Stop Loss @ 76.43

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.

One comment

  1. Looking forward to revitalise my trading skills

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