Here we have USOIL on a 4h chart which has taken the shape of an ascending triangle. Let's take a look at the Daily chart below which has the same structure, this provides a larger outlook on previous price movement.
As you can see we are making another bullish move for our key resistance level, breaking this would potentially drive the price higher. If we fail to break resistance I can see price falling sharply breaking our triangle/trendline and continuing the move to the downside. I'm still in favour of going short on this pair as it correlates with my long term prediction!
What do you think? Leave your opinion below.
As you can see we are making another bullish move for our key resistance level, breaking this would potentially drive the price higher. If we fail to break resistance I can see price falling sharply breaking our triangle/trendline and continuing the move to the downside. I'm still in favour of going short on this pair as it correlates with my long term prediction!
What do you think? Leave your opinion below.
Comment:
Broke resistance moving to the upside, long term prediction is still bearish.
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