theforexarmy

LONG USOIL approaching support , Prepare For A Bounce

Long
TVC:USOIL   CFDs on WTI Crude Oil
just now
USOIL is approaching our first support at 54.96 (horizontal overlap support, 61.8% Fibonacci extension , 61.8% Fibonacci retracement ) where a strong bounce might occur above this level pushing price up to our major resistance at 56.71 (61.8% Fibonacci retracement , horizontal overlap resistance).
Stochastic (89,5,3) is approaching support and we might see a corresponding bounce in price above this level.
Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.

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