USOIL seems to be in a falling wedge.
This pattern seems to be formed but not ready to break yet, think the black gold will drop a little more before make some gains.
Will update later on if this wedge is holding or broke, if it closes in like expected this could be a good trade opportunity.
Thanks for reading and I would appreciate some feedback!
This pattern seems to be formed but not ready to break yet, think the black gold will drop a little more before make some gains.
Will update later on if this wedge is holding or broke, if it closes in like expected this could be a good trade opportunity.
Thanks for reading and I would appreciate some feedback!
Trade closed: target reached:
If traded, recommend to take profit now. Will update later today
To be honest I expected to be in this wedge for a little longer.
That last drop looks like it triggered a lot buying pressure to breakout of the wedges resistance line.
Even the profit looks like a textbook example of a wedge: the wedge opened with a difference of around 1.50$ (55.50$-54.00$) just as the profit is after breakout 1.50$