Us oil has been in a VERY strong downtrend for the past few weeks. PRice is currently at a weekly support level. if price breaks this zone on smaller time frames I will be looking for a retest as new resistance before selling again long-term towards next weekly support zone $29.
Comment:
if price breaks support long term target is $35 not $29
Trade closed: target reached:
US OIL has reached my tp at 29.88 for total of 864 pips. price is at very key support zone. I am expecting a retracement if price will continue this downwards trend. The monthly candle is bearish which gives me indication this down trend is still pretty strong. After the retracement, if price is able to break through support and retest next target will be around $17.