Good day everyone,
USOIL did a good pullback after the huge sell off from 75 double top zone to 44 current dip.
Now the price is struggling at weekly fibo retracements and near 50 ema which will work as resistance and the huge 60 psichologic resistance level.
If we look at H4 timeframes we can see price is moving sideways quite a while now, the last bullish candles went up with increasing volume but too little progress on the last ones, and therefore i expect the price to continue sideways for a while.
Overall i'll NOT buy USOil until a break above 200sma WEEKLY, if this happen then yes i will target 70 and 80 levels.
Otherwise Oil is bearish from a pure T.A perspective and the 40 usd level is not a distant dream if the price isnt able to break up the current resistance zone.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
USOIL did a good pullback after the huge sell off from 75 double top zone to 44 current dip.
Now the price is struggling at weekly fibo retracements and near 50 ema which will work as resistance and the huge 60 psichologic resistance level.
If we look at H4 timeframes we can see price is moving sideways quite a while now, the last bullish candles went up with increasing volume but too little progress on the last ones, and therefore i expect the price to continue sideways for a while.
Overall i'll NOT buy USOil until a break above 200sma WEEKLY, if this happen then yes i will target 70 and 80 levels.
Otherwise Oil is bearish from a pure T.A perspective and the 40 usd level is not a distant dream if the price isnt able to break up the current resistance zone.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Comment:
Update
Lets see its behaviour, a good rejection can be a good opportunity