USOIL ********* ⏳4 Hour chart 🎲 Possible entry analysis ⛳️ Possible bull/bear target 📚Educational
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1️⃣ Positive vaccine hope-major boost in energy demand 2️⃣ Demand driven recent upward rally 3️⃣ Break and retest happens around 40.00 ( Psychological level ) 4️⃣ 44.00 Upper side resistance - Minor Key reversal area 5️⃣ Successful move out of the ranging territory 6️⃣ August high - 43.79 immediate support for bull 7️⃣ Technical support - Bull 8️⃣ 48.00 will acted as key reversal-bearish 9️⃣ June, September, October months low's forming a lower side trend line 🔟 Possible swing target-48.00 Key reversal area *️⃣ Reverse Parabolic move-Slowing of the momentum #️⃣ Overall trend - bullish
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📉 Technical bias-H4-Bullish
Price is above 50,100,200 Exponential moving average 50 Exponential moving average will act as support-Bull Ichimoku cloud -cloud is still green -Cloud supporting the bullish trend Bollinger band- Price reached around the upper side of the band and middle band is acting as bullish support Relative strength index - Reached around 50 neutral area 50- Will act as support for bullish trend MACD -Turned red and fell below the signal line ,oscillators are crossed and pointing downwards Stochastic - Reached around 60- Oscillators are converging pointing downwards short term fall back expected
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Key reversal area's
44.00 Psychological level/Dynamic support & Resistance 43.79 August month high 48.00 Key reversal area/psychological level 41.86 October month high 4.39 September month high 43.00 Major psychological level 38.00 POC area 43.79 Support level/Possible entry- Bull 48.00 Psychological level/Alternative bearish entry
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Bullish entry #oil #usoil
Entry price - 43.80
Take profit 01 - 45.00 Take profit 02 - 46.20 Take profit 03 - 48.00