$UKOIL (Brent) Can Go Up - $USOIL Can Too

Traders, This analysis and trade idea is on UKOIL (Brent) because I personally find it easier to trade due to few reasons. But USOIL (Crude OIL) and UKOIL usually run in the same directions with minor differences. So if this analysis works out, you can apply the same for USOIL too.

USOIL fell from our levels as you will see in the attached idea. This has been great trade irrespective of what media has been saying about its bullishness, we have been short. UKOIL followed USOIL as expected. Now UKOIL has made am M pattern and we have 2 FCP (Fibonacci Confluence Pattern) zones which can support the price and also have capability of pushing the price higher. We had a confirmation on Friday but price cam back to perform stop loss collection of test of lower zone. We are looking for bullish trades here.

Trade what you see and keep the risk management tight.

Rules:
1. Never trade too much
2. Never trade without a confirmation
3. Never rely on signals, do your own analysis and research too

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Take care and trade well
-Vik

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📌 DISCLAIMER
The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only.
Not a financial advice or signal. Please make your own independent investment decisions.
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