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USOIL Potential Upward Movement

USOIL Long-Term Trend: Bullish

Key Resistance Levels: 71.04, 72.68, 73.00

Key Support Levels: 66.25, 63.71, 61.67

Daily Chart:

The price on the higher time frame is traded inside a bullish channel formation where the price posted a correction count to the lower end of this pattern. This led to buyers overwhelm sellers and push the price higher by posting a bullish candlestick around the 66.25 USD mark.

USOIL Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the asset is bouncing inside an ascending channel pattern where we expect a lower correction to the strong support that coincides with the lower end of the channel. This could cause a reversal and a move upward again in the same direction of the main trend.

Signal Idea:

Buy Limit Order @ 71.17

TP 1 @ 72.52

TP 2 @ 72.68

Stop Loss @ 70.51

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.

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