USOIL will retrace back up (lower time frame)
Pure technical analysis.
After a fairly strong bearish movement on Thursday and Friday (1 & 2 Feb 2024), USOIL touched the lower channel (D) at a price of 71.798 and seemed hesitant to continue the downward movement at the end of market closing.
The formation of leg D is predicted to form rejection so that market movement will reverse to complete wave E at 79.480, the previous resistance area.
Enter a buy position if the market breaks the price of 76.648 and continues upwards, then buy on the pullback in the 73.000 - 74.000 zone.
Set the take profit to 500-600 pips (78.000 - 79.000). Stop loss below the lowest channel at 71.700.
After a fairly strong bearish movement on Thursday and Friday (1 & 2 Feb 2024), USOIL touched the lower channel (D) at a price of 71.798 and seemed hesitant to continue the downward movement at the end of market closing.
The formation of leg D is predicted to form rejection so that market movement will reverse to complete wave E at 79.480, the previous resistance area.
Enter a buy position if the market breaks the price of 76.648 and continues upwards, then buy on the pullback in the 73.000 - 74.000 zone.
Set the take profit to 500-600 pips (78.000 - 79.000). Stop loss below the lowest channel at 71.700.
Comment:
Cancel the setup if price goes below 70.994
Comment:
Price just broke 76.000 level as expected. We would prepare our entry at the 74.190 level and try to gain 500 pips buy.