A massive H&S that has been in the making since 2015 is forming in USOIL. It currently resides on the neckline and a break and close above could see a large move in the coming months especially if the output cut deal works. Resistances come in on the Fibs at 57.20 area (38.2% Fib), 66.85 (50% Fib) and 76.47 (61.8% Fib). The 61.8% coincides somewhat with the H&S theoretical projection which comes in at 77.50 area. Very long term
Trade active
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USOIL broke above neckline
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ProTip: In order for a breakout to be confirmed, it must hold and build volume above the breakout level
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Buyers step in aggressively to defend the neckline. Careful as there is a gap which might be filled below
@hthieuvn, Thanks for the feedback. All levels we're looking at are on the chart. 57.24 next
hthieuvn
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@TradingTechs, thank you. We should keep our own view but ideas from others always could help us some more views. Thank you again.
TradingTechs
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@hthieuvn, Yes that is why we only post levels and observations. Too subjective to call a trade without knowing all parameters like how long a trader wants to stay in the market, how he trades the level, risk appetite etc