Our USOIL range zone from last week worked to perfection and fulfilled our range idea.
The range zone support level of 66.88 was hit, and the market has bounced off the level exactly.
We now need to wait and see if the range zone will continue. That being said, we strongly recommend traders to take caution with their positions, as we have the Federal Reserve's interest rate announcement and decision tomorrow.
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Excellent! Your support level at $66.88 cushioned price perfectly for a nice bounce. I am looking to see the weekly close on WTI at the end of trading this Friday to see where we are with sentiment after the U.S. Federal Reserve's interest rate decision has been digested.
BluetonaFX
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@Kibishii, Agreed, it will be interesting to see. We will post another price action update on this to analyse how the market reacts, stay tuned!