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Decoding USOil Trends

Hello traders,

Here, I aim to decipher the trends of USOIL across all timeframes.

On the weekly chart, a cup & handle pattern is evident, with $84 serving as the pivotal price. A clear breakout on the daily timeframe could signal a bullish stance for USOIL.

First target: $94
Second target: $109
Stop-loss: Close below $72 on a daily basis.

I'll keep you updated as the situation evolves.

Best of luck
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If the sideways scenario unfolds, we will monitor the breakout of the triangle pattern.

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From a sinusoidal wave perspective, we anticipate a bullish wave until November 28, 2024, following the US presidential election. I believe the newly elected US president will likely have international matters to address.

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Here is 1H timeframe chart, I think the bullish wave is targeting 84$

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this chart for Aramco support the analysis of bullish trend till the end of 2024

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First target 🎯 reached
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