"Price Action Secrets: Crude Oil Bounce from Key Support"

Sep 7

Technical Analysis for WTI Crude Oil (USOIL)

1. Market Structure Overview

The price was trading inside an ascending channel, indicating a strong bullish trend initially. However, the market broke down from the channel and formed a lower high, signaling a trend reversal from bullish to bearish.

2. Current Price Action

* Price has reached the demand zone (61.50–62.00), which is a strong support area for potential buying interest.
* The recent sharp drop suggests a bearish impulse, but the presence of the demand zone may trigger a bullish correction.

3. Key Zones

* Demand Zone: 61.50–62.00 (potential buy area for bullish reversal).
* Supply Zone / Target Area: 64.00–64.50 (profit-taking or reversal zone if price rallies).

4. Trading Plan

* Look for bullish confirmation patterns (such as a strong bullish engulfing candle or break above minor structure) before entering long positions.
* First target: 63.00, second target: 64.50 near the supply zone.
* If the demand zone fails, price may continue toward 60.50 or lower.

✅ Bias: Bullish correction expected from the demand zone after strong selling pressure.
✅ Strategy: Wait for confirmation before entering.

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Sep 8

Trade active

Sep 11

Trade closed: target reached