Hello everybody, hope you're all well and welcome to our weekly market breakdown
We missed out last week due to being away for sometime but all our members were given a PDF to follow during our time of absence.
Now USOIL is showing it's true bearish form and this has been the case for a good while now. Last week I expected USOIL to close the gap before making this move but this wasn't managed and we remain unfilled, this isn't so much of an issue but it's likely that we will not see it filled until the next long term leg higher takes place (Monthly/weekly timeframe).
The blue zones represent daily and weekly support/resistance (most important) and the dashed white lines represent our interday support/resistance zones. I am looking to follow the trend and I want to get a decent short in from the marked location. This location is a significant resistance zone but also an area which is untested since the break. We took three trades this week due to us being inactive and only one of them won so we have ground to cover next week.