USOIL- weekly outlook
The USOIL price is at the strong support formed since December 2020.
We have seen it fluctuate in a little ascending channel for the past month, and right now is is almost at the bottom of it.
Recently, there has been some selling pressure, forming a counter trendline.
There are 2 scenarios here:
SCENARIO 1
A break to the upside, breaching the counter trendline and reaching the channel top again.
LONG TARGET: 65
SCENARIO 2
A break to the downside, breaking the channel and retesting key demand zone.
SHORT TARGET: 57.5
Trade safe! Follow for more ideas!
We have seen it fluctuate in a little ascending channel for the past month, and right now is is almost at the bottom of it.
Recently, there has been some selling pressure, forming a counter trendline.
There are 2 scenarios here:
SCENARIO 1
A break to the upside, breaching the counter trendline and reaching the channel top again.
LONG TARGET: 65
SCENARIO 2
A break to the downside, breaking the channel and retesting key demand zone.
SHORT TARGET: 57.5
Trade safe! Follow for more ideas!
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