USOIL 40.58 - O.34 % FUNDAMENTAL AND STRUCTURE IDEA

Good Day Everyone

A look at the USOIL as we closed last month on a second consecutive high and we are currently trading at 61.8 % FIBONACCI level on the monthly chart NET BULLISH and at a strong level $ 40.44.

> Coming down to the weekly the USOIL is trading in a ascending triangle it has been range bound in this structure for some couple of weeks as we wait to see some volatility come into play on oil . looking out for a breakout of the structure.
> Sentiment remains the same from the daily perspective the OIL is trading in a ascending channel looking to see whether structure holds or we see reversal patterns on OIL . as we wait for some confirmations and some volatility .

~ on the 4H we closed in a BULL FLAG which could be signalling a continuation with the bulls to the upside and the ascending structure to hold. all in all still waiting on the oil

SOME FUNDAMENTALS TO LOOKOUT FOR

1. RSI ( Relative Strength Index ) rose and remained flat above 50 possibly signalling paused bullish momentum

2. U.S Inventories as per data from American Petroleum Isntitude

3. OPEC +

4. Global recovery in Fuel demands

5. COVID - 19 cases surge

Looking for a breakout of structure and signs of more volatility coming into play.
OIL could remain range-bound before we see some volatility return / see those break out of structure. this is a good opportunity for the more aggressive traders on lower time frames lets see how it goes...

Good luck and happy trading everyone


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ENTRY & SL - FOLLOW YOUR RULES ON PENDING ODER & SO FORTH
RISK-MANAGEMENT
PERIOD - SWING TRADE

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Trade active:

Bull flag impulsive move successful, looking for a correction or pull back of this move and reversal pattens before embarking on with the bears momentum to the upside may suggest continuation so waiting on this one. Still a great opportunity for more aggressive trades to take those impuslive moves.

Trade active:

Trade triggered looking for a break below the ascending triangle structure then a push down with the bears....