🔹Hello traders, Let's review and go over analysis and strategies for USOIL As we all know, from September until now, price has dropped Tremendously And now with the new news coming out I'm expecting a major New uptrend from price all the way back to the high of September There's also a few more signs for why Price could do what it's about to do I will share them with you in the reasons session.
🔹More News :A pennant developing from $72.89 suggests a target of $78. Indeed, the starting point of the pattern could be at Jan. 17 low of $70.50.
Based on this observation, oil may climb to $80. The current correction is expected to follow the set of projection levels on a wave c from $72.89.
A break below $76.70 could cause a further drop into the $75.62-$76.26 range. The drop will be first classified as a pullback towards the pennant.
On the daily chart, oil has climbed above resistance at $76.52. The big white candlestick on Thursday confirms a valid break above this level.
The contract may keep rising towards $79.25. The symmetrical nature of the chart suggests a higher target of $83.53, the April 12, 2023 high.
🔹Reasons : So there's a lot of reasons for why price could go up. Or could go down. As you can see on the main chart, price has broken a 3 bounce downtrend. This is a sign for traders to go long since price can come back retest and continued + It's getting support from the other trend line. For the visible range Hvn - HVN represents a price level with a significant amount of trading volume. Even though you can't see the full picture. If you zoom out a little price will eventually favorite this area. + The 200 Day EMA It's about to cross + All the other EMA already crossed But we are about to see a golden cross with the EMA Trend and price is so far holding And nice uptrend were price can breathe and price was at the Q’s areas. But price took the support and broke out. Now for the bearish side of the market As we can see, price has already broken out of the 200 day EMA Twice But Price seemed to not really break out. It seems to be a fake out instead + There is a good golden Fibonacci that has formed To continuate in its past direction ( Down ). And eventually getting all the way down to year low area
🌐Points of interest🌐
Weekly High : 74.68$
Weekly Low : 70.69$
Monthly High : 76.77$
Monthly Low : 67.874
3 Bounce Trend Break retest : 75.15$
Counter Trend line : 76.75$
Inner Up Trend line : 76.20$
Year high : 95.40
Year low : 63.75
EMA 200 Day : 77.53$
EMA Trend : 77.40$
Red Vector : 88.90$
🩵Please hit the like button and
🩵Leave a comment to support me!
🗨️Always trying to come up with more quality setups for you guys!
⚠️Warning ⚠️
before you take this trait or take just my word, go look something up Look up some news That could be coming. More info about it Tomorrow And remember, risk management always 1 : 3 always more gains than losses!
⚕️Advice⚕️
I think that every traveler should start doing is writing down The reasons for their setup on the charts If you can't write 5 down, don't take the trade This is coming from me personally After I did this, I saw major improvement in myself and in my trading so do it!
🙌Have a phenomenal trading day!
Share your opinion in the comments and support the idea with like. Thanks for your support!
🔹More News :A pennant developing from $72.89 suggests a target of $78. Indeed, the starting point of the pattern could be at Jan. 17 low of $70.50.
Based on this observation, oil may climb to $80. The current correction is expected to follow the set of projection levels on a wave c from $72.89.
A break below $76.70 could cause a further drop into the $75.62-$76.26 range. The drop will be first classified as a pullback towards the pennant.
On the daily chart, oil has climbed above resistance at $76.52. The big white candlestick on Thursday confirms a valid break above this level.
The contract may keep rising towards $79.25. The symmetrical nature of the chart suggests a higher target of $83.53, the April 12, 2023 high.
🔹Reasons : So there's a lot of reasons for why price could go up. Or could go down. As you can see on the main chart, price has broken a 3 bounce downtrend. This is a sign for traders to go long since price can come back retest and continued + It's getting support from the other trend line. For the visible range Hvn - HVN represents a price level with a significant amount of trading volume. Even though you can't see the full picture. If you zoom out a little price will eventually favorite this area. + The 200 Day EMA It's about to cross + All the other EMA already crossed But we are about to see a golden cross with the EMA Trend and price is so far holding And nice uptrend were price can breathe and price was at the Q’s areas. But price took the support and broke out. Now for the bearish side of the market As we can see, price has already broken out of the 200 day EMA Twice But Price seemed to not really break out. It seems to be a fake out instead + There is a good golden Fibonacci that has formed To continuate in its past direction ( Down ). And eventually getting all the way down to year low area
🌐Points of interest🌐
Weekly High : 74.68$
Weekly Low : 70.69$
Monthly High : 76.77$
Monthly Low : 67.874
3 Bounce Trend Break retest : 75.15$
Counter Trend line : 76.75$
Inner Up Trend line : 76.20$
Year high : 95.40
Year low : 63.75
EMA 200 Day : 77.53$
EMA Trend : 77.40$
Red Vector : 88.90$
🩵Please hit the like button and
🩵Leave a comment to support me!
🗨️Always trying to come up with more quality setups for you guys!
⚠️Warning ⚠️
before you take this trait or take just my word, go look something up Look up some news That could be coming. More info about it Tomorrow And remember, risk management always 1 : 3 always more gains than losses!
⚕️Advice⚕️
I think that every traveler should start doing is writing down The reasons for their setup on the charts If you can't write 5 down, don't take the trade This is coming from me personally After I did this, I saw major improvement in myself and in my trading so do it!
🙌Have a phenomenal trading day!
Share your opinion in the comments and support the idea with like. Thanks for your support!
💲Telegram : t.me/ForceTradingFX
