USOIL : will drop again or not?! let's see
USOIL
OUTLOOK
US crude oil prices continue their gains, touching their highest levels since mid-April at $83 a barrel, after Saudi Arabia and Russia, two major oil producers, pledged to continue cutting supplies for another month with the aim of continuing to balance global markets and support prices .
additionally, in this week we have a news about US crude oil stocks and it can be the main drive for USOIL to drop to the next support zone
Stochastic indicates that the price has reached the overbought area
Best chance to trade
Best chance to entry , stabilized under resistance zone it will help the price to reach 78.73 ,76.93 and then to first support zone like we mentioned in the chart .
what is your opinion ??
If this post was useful to you , don't forget to like and comment , Thanks ❤️
OUTLOOK
US crude oil prices continue their gains, touching their highest levels since mid-April at $83 a barrel, after Saudi Arabia and Russia, two major oil producers, pledged to continue cutting supplies for another month with the aim of continuing to balance global markets and support prices .
additionally, in this week we have a news about US crude oil stocks and it can be the main drive for USOIL to drop to the next support zone
Stochastic indicates that the price has reached the overbought area
Best chance to trade
Best chance to entry , stabilized under resistance zone it will help the price to reach 78.73 ,76.93 and then to first support zone like we mentioned in the chart .
what is your opinion ??
If this post was useful to you , don't forget to like and comment , Thanks ❤️
currently , consolidation under 81.00 by 4H candle it will be more bearish trend and then will reach our target like we mention it on the chart