The bulls are in control - do NOT just sell the resistance
We have seen over the last week that the bulls are in control. They massively lifted USOIL from 62 USD to 70.50 USD, buying every dip. Check the green boxes.
22nd of august was a huge bullish engulfing candle, and yesterday the market broke strongly through the daily 50 EMA(thick green line) and even pushed USOIL WTI through the daily 50 SMA(thin green line) towards the top of our large scale downwards channel(orange trendline) with a massive bull daily candle.
Natural sellers came in at the daily 50 SMA(thin green line) at the top of our channel, pushing it down to below 70 USD again. But bulls are standing in line again to buy the dip and push it through 70.50 USD again.
I don't dare to say we are gonna make it to 72 USD now, but prepare for an extra push up through the resistance line of our bearish channel: The bulls are in control.
If we break 70.50 USD, 74 seems to be the next target, and that will go very quickly. But don't forget there are some eager sellers out there that want to push USOIL in it's channel down to high 50's!
22nd of august was a huge bullish engulfing candle, and yesterday the market broke strongly through the daily 50 EMA(thick green line) and even pushed USOIL WTI through the daily 50 SMA(thin green line) towards the top of our large scale downwards channel(orange trendline) with a massive bull daily candle.
Natural sellers came in at the daily 50 SMA(thin green line) at the top of our channel, pushing it down to below 70 USD again. But bulls are standing in line again to buy the dip and push it through 70.50 USD again.
I don't dare to say we are gonna make it to 72 USD now, but prepare for an extra push up through the resistance line of our bearish channel: The bulls are in control.
If we break 70.50 USD, 74 seems to be the next target, and that will go very quickly. But don't forget there are some eager sellers out there that want to push USOIL in it's channel down to high 50's!
Comment:
Market moving below my initial support zone. Seems more bear than I expected, but definitely not invalidated my view.