kate25

USOIL - trading with pivot points and pivot trend lines

FX:USOIL   CFDs on Crude Oil (WTI)
16
USoil has broken above the weekly pivot past two weeks, but unable to hold above. However the fact it got above says a lot about the strength of price we are seeing and worth a watch. Price came off of demand zone and has continued to rise - no guarantees this area will hold coming back down. Lots of traffic in front of price - 12hr trend and pivot weekly pivot point daily pivot point(note the daily pivot is higher then the weekly), price has to cross all these to challenge daily trend. Ideally a close above the 12 hr trend would signal a long entry. The 12 hr trend will change again at 1400 hrs, to sustain a daily pivot above the weekly it is going to need to move up.
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