The USOIL has risen from 42-64 in the past 3 months. Big short to big long.
Now we need to pay attention to the 64 level because it may be an important resistance.
1. The bottom to top level is at this zone;
2. The 0.618RET of previous short drop is at 63.7;
3. The nearest supply zone is at 66-68.
So all traders should watch the bearish signals in this zone.
If short positions is set at this levels, the SL should be above 68 and the TP is 58-60 levels.
Now we need to pay attention to the 64 level because it may be an important resistance.
1. The bottom to top level is at this zone;
2. The 0.618RET of previous short drop is at 63.7;
3. The nearest supply zone is at 66-68.
So all traders should watch the bearish signals in this zone.
If short positions is set at this levels, the SL should be above 68 and the TP is 58-60 levels.
Note
The Oil moves as expected.Trade closed: target reached
Very good!
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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.