USOIL is in downtrend. It has broken trendline support now testing this support as Fib Resistance 0.5 & Trendline Resistance.
IF this Resistance is respected we can see a further downfall, which is on the cards.
Otherwise if the Resistance is broken then we can see a bullish rally in oil.
Take entry accordingly.
Best of luck
The price in HH & HL formation, yet to test strong resistance at 0.86422. Till then the price has the potential to go upto that Resistance. So my Bias is bullish in short term. IF the Resistance is broken the trend can continue upward.
The pair is making HH and HL,
Inverse H&S pattern is in completion
There is strong Daily, Trend line and Fibionacci, if its broken upwards
Then we are good on the trade.
You can either take entry on the levels mentioned in chart or wait for the pattern completion then take entry.
1. Doji candle at 1 hr TF, Hammer at 15 min TF
2. At trend line support
3. At Fib Support 0.786
4. At chart support
5. Bullish divergence 15 min TF (Klinger, RSI, Chaikin)
2. Trading above daily resistance
1. At parallel channel resistance
2. At Fib Resistane 0.5
3. At daily Resistance
4. At time cycle climax point
5. RSI Div at 1 hr time frame
6. RSI Div at 15 min TF
Bulls seems to be losing control as the Fib resistance is respected multiple times so we can expect a trend reversal.
Advance indicators show signs of reversal.
Entry/Exit levels are mentioned.
Do your own research before entering trade.