USOIL will retrace back up (lower time frame)

adittiaduilocca84 Updated   
FX:USOILSPOT   WTI Light Sweet Crude Oil Future SPOT
Pure technical analysis.

After a fairly strong bearish movement on Thursday and Friday (1 & 2 Feb 2024), USOIL touched the lower channel (D) at a price of 71.798 and seemed hesitant to continue the downward movement at the end of market closing.

The formation of leg D is predicted to form rejection so that market movement will reverse to complete wave E at 79.480, the previous resistance area.

Enter a buy position if the market breaks the price of 76.648 and continues upwards, then buy on the pullback in the 73.000 - 74.000 zone.

Set the take profit to 500-600 pips (78.000 - 79.000). Stop loss below the lowest channel at 71.700.
Cancel the setup if price goes below 70.994
Price just broke 76.000 level as expected. We would prepare our entry at the 74.190 level and try to gain 500 pips buy.

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