Daily Outlook of USOIL
Updated
Crude Oil 4 Hour cycle is bullish against 2/11/2016 (26.05) low and 1-hour cycle is bullish against 6/21/2017 low (42.05). Oil has ended cycle from 8/1/2016 low (39.19) and currently correcting that cycle in 3, 7, or 11 swing in wave IV. As far as bounces fail below 70.44 high, expect Oil to extend lower 1 more leg before the rally resumes. We favor the downside in shorter time frame while pivot at 71.14 high stays intact.
Sell USOIL
@69.45/69.75
Target: 68.00
Stop Loss:70.00
Good luck!
Sell USOIL
@69.45/69.75
Target: 68.00
Stop Loss:70.00
Good luck!
Trade closed: target reached
@175 pips profit
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