Short

USOIL : Daily View. Potential Target $36

Updated

Crown patterns emerges very evidently. Conventional target $36 which is 0.618 fib retracement.
Any news can give breakout from the pattern and rally towards $54-$55

Be careful

Long term trade
Short Entry Price : 44.30 (Candle Close below)
SL : $ 46.65
TG1 : $43.01
TG2 : $38.85
TG3 : $36.03

Pls refer to all Resistance line (Maroon)

PS. Generally I dont believe in support and resistance theory. Those are heaven for brokers.

Happy Trading

Trade active

Short at $43.8
clean breakout ! surviving on R1 43.01

Note

Broke 43.01 Support.
Targeting 41.71

Trade closed: target reached

Target 1 reached
We also breached Important level 42.

Note

Taking Partial close. step by step.

Trade closed: target reached

We touched 41.74. That is 0.382 Fib.
Now we can see little bounce and consolidation.
though FOMC can change things.

Note

Very close to 41. wooohoo

Note

Breached 40 and made 39.29 Low.
After Data trying for upward correction.
I still have same view. Oil is bearish at least till 36.

Note

Made strong Upmove, Watching Trendline to break.

Note

We have Breakout at 43.30
Possible scenario

Note

Made very Impulsive candle. might test resistance of previous penant 44.5

Trade closed manually

We broke out 44.5 very clear.
we have done the down cycle
first target 46.5 and then towards 51-52 channel top.
All dips are buy for now.
I will end this chart here.
This New bull deserves new chart.
Thanks folks for all likes and support.

robus

Related publications

USOIL : Bearish Rising Wedge. Intraday Target 45.82

by robus

USOIL : Making Handle to Cup. Tg 47.89 and 47.39

by robus

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