The price of USOIL has recently bounced off a key support level, confirming a successful retest of the previous demand zone. The support level aligns with a significant price reaction area, reinforcing its strength. Additionally, the MACD indicator is showing a bullish crossover, signaling a potential upward momentum shift. Volume analysis indicates increased buying activity near the support zone, suggesting strong participation from buyers. Given these technical factors, a long position with a target of 70.2 is supported by confluence from multiple indicators and price action confirmation.
Trade closed: target reached
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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.