Crude Oil (USOIL) – Long SetupOil is currently trading around $63.20 and has formed a clean ascending structure, pushing into the breakout zone. Price is respecting the trendline well and is consolidating just below the EMA cluster – a breakout could be next.
We're currently in a narrow entry zone where bulls may gain control if we see a clean break above the local resistance range.
Trade Setup:
Entry: within the purple box (current zone)
Stop Loss: $62.60 just below the trendline – invalid if broken
Breakout Confirmation: clear candle close above $63.45
Targets:
T1: $63.70
T2: $64,60
Why Long?
Trendline support is holding – price has been bouncing cleanly off the rising line.
Momentum building – repeated tests of resistance without strong rejection.
EMA cluster as magnet – price may want to retest and potentially break through the EMA zone sitting above.
Summary:
Crude oil is coiling tightly just below resistance and trendline support is holding strong.
If we get a push above the breakout zone, I expect follow-through toward T1 = $63.70 and T2 = $64.60
Setup becomes invalid if the ascending trendline breaks clearly to the downside.
No financial advice – just how I see the chart.
