USOIL Rallies, Tensions Rise, Could Price Soar More??
Updated
Here I have 
USOIL on the Daily Chart!
Starting with Technical, we can see Price has formed a Double Bottom at a Support Area that's kept Price afloat for quite some years now, but was last visited and acted as Support for Price back in the Spring of 2023!
Price has Broke the Confirmation of Pattern @ $72.36 and is now Breaking the Local Falling Resistance from prior July & August 2024 Highs. Regardless, Price Action has Broken Structure and created Higher Highs and Lows, confirming Uptrend, starting with the Higher Low of the Double Bottom on Oct. 1!
- Currently we want to see this Bullish Rally continue Breaking Above the Falling Resistance and staying above the ( $71 - $72 ) Range that Price has been interacting with Signaling Bulls in fact are in control, then for a Test of the Break of Confirmation of Pattern and Test of the Break of Local Falling Resistance!
* Once successful, we will see Price rise to the next Falling Resistance created from the Highs of Sept. 2023 & Apr. 2024!
- Massive Bullish Volume enters on the 2nd Low of the Double Bottom on Oct. 1
- Price on RSI is Above 50 with the Break of the Confirmation of Pattern
Now Fundamental, the biggest factor that seems to be at play forUSOIL is all the Geo-political confrontation stirring up. Not only is the Russia/Ukraine war still ongoing, the tensions between Israel/Iran are seeing massive implications across the board!
- Oct. 1 being the beginning of the Iran missile attacks on Israel tradingview.com/news/mtnewswires.com:20241004:A3232356:0/
- Now worries arise that Iran's Oil Facilities may be in danger as a possible Retaliatory Israeli Strike Target! With Iran eyeing Israel's Energy Infrastructure, Power Plants, Refineries and Gas Fields!
tradingview.com/news/barchart:fc99f5557094b:0-crude-sharply-higher-on-a-possible-israeli-attack-on-iranian-oil-facilities/
* Oct. 7th is the Year Anniversary to the Israel/Hamas conflict and suspicions arise that we could be looking at things intensifying further!
USOIL on the Daily Chart!Starting with Technical, we can see Price has formed a Double Bottom at a Support Area that's kept Price afloat for quite some years now, but was last visited and acted as Support for Price back in the Spring of 2023!
Price has Broke the Confirmation of Pattern @ $72.36 and is now Breaking the Local Falling Resistance from prior July & August 2024 Highs. Regardless, Price Action has Broken Structure and created Higher Highs and Lows, confirming Uptrend, starting with the Higher Low of the Double Bottom on Oct. 1!
- Currently we want to see this Bullish Rally continue Breaking Above the Falling Resistance and staying above the ( $71 - $72 ) Range that Price has been interacting with Signaling Bulls in fact are in control, then for a Test of the Break of Confirmation of Pattern and Test of the Break of Local Falling Resistance!
* Once successful, we will see Price rise to the next Falling Resistance created from the Highs of Sept. 2023 & Apr. 2024!
- Massive Bullish Volume enters on the 2nd Low of the Double Bottom on Oct. 1
- Price on RSI is Above 50 with the Break of the Confirmation of Pattern
Now Fundamental, the biggest factor that seems to be at play for
USOIL is all the Geo-political confrontation stirring up. Not only is the Russia/Ukraine war still ongoing, the tensions between Israel/Iran are seeing massive implications across the board! - Oct. 1 being the beginning of the Iran missile attacks on Israel tradingview.com/news/mtnewswires.com:20241004:A3232356:0/
- Now worries arise that Iran's Oil Facilities may be in danger as a possible Retaliatory Israeli Strike Target! With Iran eyeing Israel's Energy Infrastructure, Power Plants, Refineries and Gas Fields!
tradingview.com/news/barchart:fc99f5557094b:0-crude-sharply-higher-on-a-possible-israeli-attack-on-iranian-oil-facilities/
* Oct. 7th is the Year Anniversary to the Israel/Hamas conflict and suspicions arise that we could be looking at things intensifying further!
Note
USOIL has broke the Local Falling Resistance and is currently testing the 200 EMA on the Daily on its way to the Higher Falling Resistance!Trade active
Price was sent back down to the Local Falling Resistance and our Area of Value where we are now seeing a successful Retest of the Break of Local Falling Resistance and test of the Area of Value where the Confirmation of Pattern for the Double Bottom!
Trade active
Price gave us a deeper test of the Area of Value, Confirmation of Double Bottom Pattern, Local Falling Resistance and Dynamic S&R with RSI staying Above 50 and Volume showing alot of Bullish presence still on the Breakout!
*Up to the Higher Falling Resistance!
Novi_FIbonacci
Telegram - t.me/+l3fTcsZu91ZiZDkx
Telegram - t.me/+l3fTcsZu91ZiZDkx
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