USOIL MARKET BREAKDOWN
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USOIL MARKET BREAKDOWN
Last week was the stuff of dreams with USOIL pulling through for insane pips, GOLD pulling through for insane pips and GBPUSD giving us a modest bag!
As stated last week were are simply following the USOIL down trend and it's working out nicely so far. USOIL dropped down to our bottom zone before pulling back, we did try to long this but after confirmation we couldn't get that little bit more of a dip which we needed. I have marked out the important zones for this week and it's important to note that $94.50 has been tested so many times on this timeframe and multiple others so I don't see another retest within this next leg down.
Look at the very left of the chart on the white line. We can see this area actually acted as a decent support region but since we broke from it price hasn't really reacted much with this level so I would expect this to be the next zone we see resistance.
As always USOIL can drop from the current zone and it rejected hard from $91.80 which makes me slightly sceptical of a push higher but my behind the curtains strategy is point towards $92.70-$93.30 as the true rejection region (I ALWAYS STICK TO WHAT MY STRATERGY TELLS ME).
I'm sitting, watching and waiting for my time to strike.
Last week was the stuff of dreams with USOIL pulling through for insane pips, GOLD pulling through for insane pips and GBPUSD giving us a modest bag!
As stated last week were are simply following the USOIL down trend and it's working out nicely so far. USOIL dropped down to our bottom zone before pulling back, we did try to long this but after confirmation we couldn't get that little bit more of a dip which we needed. I have marked out the important zones for this week and it's important to note that $94.50 has been tested so many times on this timeframe and multiple others so I don't see another retest within this next leg down.
Look at the very left of the chart on the white line. We can see this area actually acted as a decent support region but since we broke from it price hasn't really reacted much with this level so I would expect this to be the next zone we see resistance.
As always USOIL can drop from the current zone and it rejected hard from $91.80 which makes me slightly sceptical of a push higher but my behind the curtains strategy is point towards $92.70-$93.30 as the true rejection region (I ALWAYS STICK TO WHAT MY STRATERGY TELLS ME).
I'm sitting, watching and waiting for my time to strike.
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