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iSauravKr

USOIL - Trading in GAP Range | Next Resistance $41-$41.5

CFDs on WTI Crude Oil (TVC:USOIL)  
iSauravKr  
TVC:USOIL   CFDs on WTI Crude Oil
Trend Analysis Chart Patterns Crude Oil WTI Crude Oil crudeoilwti
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trendanalysis chartpattern usoil crudeoil crudeoilwti
USOIL

With Global Markets turning positive, CRUDE OIL is also showing great recovery since it's slump.
Currently, it is trading in the gap range it formed during the crash.
Gaps act as support and resistance and tend to get filled.

My view is that we can see CRUDE OIL move up to $41 level where it will face some heavy resistance.
If global markets remain positive and there is no negative news, breaking out of the resistance zone would be easier.
We can expect a retrace either in the near future since we have already run up a lot or when we hit the $41-$41.5 level followed by re-test(s) of the zone (if we stay bullish).

The $36.4 level has been a SWAP zone earlier (as shown in the image below) and should now act as support if we break down.
Break and close below $36 level would create lower low in the current trend and would be bearish.

snapshot

Keep and eye on key levels along with price action and global markets + cues.
Trade Safe!

Daily RSI
US OIL - 72 (Bullish + Overbought zone)

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