us oil trade set up

5 сент. 2021 г.

us oilhas faced resistance at the upper resistance trendline and it has made triple bottom on down support trendline. Weekly candle close was a small body with long wicks at both the sides which indicates sellers are there at the upper side and buyers are present downside. Since it has longer timeframe moving averages downside and price is above these moving averages, shorting would not be a good idea although the upper resistance trendline have more bearish strength. Current set up should be buy the dips till 67.0 , candle close on a 4 hour chart and below it a short an be initiated safely for target 61.46