Traders, Our bullish stance on USOIL and UKOIL has been very good but now OIL market is looking little over extended. So any medium to long term long positions in these markets can lead to losses as a correction can happen any moment in time. Trading a correction/retracement is a better option for now. If you are looking for long position on USOIL or UKOIL, make sure that you wait for correction to hit and and then based on the confirmation you take it.
Both markets are showing FCP Patterns (Fibonacci Confluence Patterns) in W form which can lead to correction to the downside. So be careful.
Rules: 1. Never trade too much 2. Never trade without a confirmation 3. Never rely on signals, do your own analysis and research too
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Take care and trade well -Vik
____________________________________________________ 📌 DISCLAIMER The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only. Not a financial advice or signal. Please make your own independent investment decisions. ____________________________________________________