Oil Test Channel Support. (USOIL)
What a roller coaster ride oil has been this year! Let's analyze the strong rebound from the negatives that we bounced back from.
I have identified a parallel impulse channel that it is playing for support and Resistance range currently.
The Crossover strategy is crossing over red but very strong compression right on the support level to battle the trend.
You want to pay attention to the candle here and see which way the body wants to start building towards.
If we break the green dashed line we could see it run towards 34.50 to test an old Resistance level that we had a double top at to see if it's a solid support.
If the body of the candle starts to push green then you would want to look for it to align with the ema dots down below, as only the top one is currently green.
If we do push back up 40$ will be your key Resistance edge play and if it broke you would look to push towards the top of the channel.
Oil is in a very good position for a play. Best of luck to you! ✌😁✌
🥇MLT | MAJOR LEAGUE TRADER
I have identified a parallel impulse channel that it is playing for support and Resistance range currently.
The Crossover strategy is crossing over red but very strong compression right on the support level to battle the trend.
You want to pay attention to the candle here and see which way the body wants to start building towards.
If we break the green dashed line we could see it run towards 34.50 to test an old Resistance level that we had a double top at to see if it's a solid support.
If the body of the candle starts to push green then you would want to look for it to align with the ema dots down below, as only the top one is currently green.
If we do push back up 40$ will be your key Resistance edge play and if it broke you would look to push towards the top of the channel.
Oil is in a very good position for a play. Best of luck to you! ✌😁✌
🥇MLT | MAJOR LEAGUE TRADER
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