KENJICHEN

0429-USOIL Analysis

Short
TVC:USOIL   CFDs on WTI Crude Oil

USOIL
Oil experienced huge downward pressure in last US market, thus broken short-term uptrend structure.

Once breakdown $64 level, the trend may test 62.00~61.90 is reliable support or not, moreover, as we can see recent 1H pin bar are around at 63.13, so 63.13 and 63.60 will be entry points to short position.

Be ware of Euro market situation if Oil goes up then will be a chance to short, in another way, we should find new price to entry if oil downward again.

Support: 62.72 / 62.27
Resistance: 63.13 / 63.60
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