So, as expected, USOIL broke out of the falling channel on the upside on the impulsive candle, jumping up 2 dollars in 4 hours. Now price is stalling at the 50% retracement of the falling channel and, more importantly, 200 SMA. If you did not get into the trade on the break of the channel, there is potential to enter again on another impulsive move up. A continuation pattern may occur on a smaller timeframe, unless price gets rejected at this level.
Happy Trading!
Happy Trading!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.