Good evening traders,
As you can see we have been currently moving in a downtrend since we put in a lower high on July 30, 2021. Since then we have been forming lower highs and lower lows.
We can see clearly that price has broke a strong key level that was previously acting as support, now turn resistance along with the price trading below the 50 level on the RSI. We can also see that price has retraced to the resistance zone while also retracing up to near the golden fib level of 61.8%
I believe price may continue to fall to newer lows, possibly to our next major support zone of around 58.00-57.00
I will be monitoring price for a potential sell signal on the 1 hour timeframe, also considering we can have confirmation any minute now.
A major move is imminent for USOIL!!
I hope this analysis provides significance. Please like and comment and share what your thoughts are on USOIL. Are we going up? Or will we continue down to 57.00. Let me know what your thoughts are in the comments below.
Thank you and Happy trading!
As you can see we have been currently moving in a downtrend since we put in a lower high on July 30, 2021. Since then we have been forming lower highs and lower lows.
We can see clearly that price has broke a strong key level that was previously acting as support, now turn resistance along with the price trading below the 50 level on the RSI. We can also see that price has retraced to the resistance zone while also retracing up to near the golden fib level of 61.8%
I believe price may continue to fall to newer lows, possibly to our next major support zone of around 58.00-57.00
I will be monitoring price for a potential sell signal on the 1 hour timeframe, also considering we can have confirmation any minute now.
A major move is imminent for USOIL!!
I hope this analysis provides significance. Please like and comment and share what your thoughts are on USOIL. Are we going up? Or will we continue down to 57.00. Let me know what your thoughts are in the comments below.
Thank you and Happy trading!