USOIL price now at the EMA 50, where is good support in the 4H timeframe.
Currently, there formed a double top which is saying the price is hard to break through the previous high to fill the recent big gap, turn to bearish.
In the long position-wise, wait for the price action confirmation at EMA 50, from bearish turn to bullish structure.
In the short position-wise, if the price keeps rejecting to stands above the EMA 50, break down the neckline.
All positions opened must be pleased to follow the risk-management strictly and confirmation for possible execution.
Risk Disclaimer: Any analysis or information is provided as general market commentary, and does not constitute investment advice. It is subject to change at any time without notice and is provided for the sole purpose of assisting traders to make own independent investment decisions.
Currently, there formed a double top which is saying the price is hard to break through the previous high to fill the recent big gap, turn to bearish.
In the long position-wise, wait for the price action confirmation at EMA 50, from bearish turn to bullish structure.
In the short position-wise, if the price keeps rejecting to stands above the EMA 50, break down the neckline.
All positions opened must be pleased to follow the risk-management strictly and confirmation for possible execution.
Risk Disclaimer: Any analysis or information is provided as general market commentary, and does not constitute investment advice. It is subject to change at any time without notice and is provided for the sole purpose of assisting traders to make own independent investment decisions.
Stay tuned for my next analysis for next week on USOIL. Something great is coming.