With oil prices deep in bear market territory on oversupply worries, a production cut at OPEC’s December 6 meeting in Vienna could be the key ingredient for bulls.
On that case, now USOIL could probably goes alone with 1-2-3-4-5 in the following trading days beforethe new OPEC meet.
It wont be easy for USOIL to break the daily downtrend channel. But it possible for it to make a new touch on the top of the channel which is a reflection point on that channel.
Just focus on the two orange zone, pips range is 198, almost $2 . So we expect USOIL would move between 52.7-50.00 , a wider range.
Find your trading opportunity in that range once you got a great SL, with Small size.
Less is more!
On that case, now USOIL could probably goes alone with 1-2-3-4-5 in the following trading days beforethe new OPEC meet.
It wont be easy for USOIL to break the daily downtrend channel. But it possible for it to make a new touch on the top of the channel which is a reflection point on that channel.
Just focus on the two orange zone, pips range is 198, almost $2 . So we expect USOIL would move between 52.7-50.00 , a wider range.
Find your trading opportunity in that range once you got a great SL, with Small size.
Less is more!
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