Technically USOIL is heading towards bottom until 62 having a long term bull.
The price can't break 73 and thus fail to do so, reversing the future trend.
From fundamental side it says different. The oil should still be on the bull after OPEC said to restrict the production of the oil.
Eventhough from Fundamental side this is opposing to it, I believe the technical would show the result.
The price can't break 73 and thus fail to do so, reversing the future trend.
From fundamental side it says different. The oil should still be on the bull after OPEC said to restrict the production of the oil.
Eventhough from Fundamental side this is opposing to it, I believe the technical would show the result.
Comment:
Breaking news:
It's good if you had TP'd from my the short previously.
I think Oil will change it's trend into Bullish trend as for the result of the latest data release regarding Crude Oil Inventories that states lower than expected oil inventory, which leads to higher price in the long term.
Long your position for the long term.
It's good if you had TP'd from my the short previously.
I think Oil will change it's trend into Bullish trend as for the result of the latest data release regarding Crude Oil Inventories that states lower than expected oil inventory, which leads to higher price in the long term.
Long your position for the long term.
Comment:
I would like to revise the last update.
The Technical chart is still in favor of downward pressure, following the basic strategy of shorting USOIL to the level 62.
Last session, from Daily chart the candle spiked through the 1st Daily support. and if we take a look at the H1 Chart, EMA 20 & EMA 50 has crossed downward, signalling a short position.
Let's stick to the original strategy.
The Technical chart is still in favor of downward pressure, following the basic strategy of shorting USOIL to the level 62.
Last session, from Daily chart the candle spiked through the 1st Daily support. and if we take a look at the H1 Chart, EMA 20 & EMA 50 has crossed downward, signalling a short position.
Let's stick to the original strategy.
Oil will keep the downfall as the latest news that the oil supply will be increased.
TP 2 could still be lower than expected.