Oil needs a temporary rest after the rapid pump it had. This rest is somewhere between $71 and $74. Since the oil trend is still bullish, it is not easy to enter the trade. It is reasonable to wait for the trend correction. The first definite target for oil according to the chart ahead is $82. However, in my opinion, the great oil cycle has begun to grow again and it has goals of close to $170 to $200 in the future. However, it is better to consider short-term goals. The final point, based on the analysis ahead, is that oil will definitely see a price of $100 again in the next few months.
Trade active
USOIL needed a little break after trading at $80. We said this a little earlier. This break, or in other words, correction, will continue to important levels such as $75 and $71$. The first step for entry is this $75 level, but we have to wait and see if USOIL tends to fall further or is it going to start growing from this $75?In my opinion, this level will determine our task to some extent, and the price reaction at this level will determine our path over the next week.
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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.