Hi Traders!
USOIL is looking extremely strong and does not look like it is slowing down; the psychological 80.00 level looks like the next resistance target.
Our bullish bias on this product has played out very nicely since the market finally broke above the previous range zone. We have since then stayed in the ascending price channel with higher highs and higher lows without any retracement waves, which confirms that USOIL is currently very bullish.
The first resistance level at 79.05 has been broken; the next level above 79.05 is the psychological 80.00. We expect some resistance here as we have not been this high in three months. If there is a break and a close above 80.00, then 83.49, which is April 2023's high, is the next big target.
Please do not forget to like, comment, and follow, as your support greatly helps.
Thank you for your support!
BluetonaFX
USOIL is looking extremely strong and does not look like it is slowing down; the psychological 80.00 level looks like the next resistance target.
Our bullish bias on this product has played out very nicely since the market finally broke above the previous range zone. We have since then stayed in the ascending price channel with higher highs and higher lows without any retracement waves, which confirms that USOIL is currently very bullish.
The first resistance level at 79.05 has been broken; the next level above 79.05 is the psychological 80.00. We expect some resistance here as we have not been this high in three months. If there is a break and a close above 80.00, then 83.49, which is April 2023's high, is the next big target.
Please do not forget to like, comment, and follow, as your support greatly helps.
Thank you for your support!
BluetonaFX
The market either pulls back here or goes for the next level at 83.49