USOIL Long-Term Trend: Bullish
Key Resistance Levels: 71.04, 72.68, 73.00
Key Support Levels: 66.25, 63.71, 61.67
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
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.
Buy Limit Order @ 71.17
TP 1 @ 72.52
TP 2 @ 72.68
Stop Loss @ 70.51
Trade Safely 🙂