USOIL broke the descending channel already!
In the previously published idea, I shared that USOIL made a nosedive and attempting to recover from this loss and it made a double bottom on the daily chart.
This week the asset has broken the downward channel as displayed in the attached chart. and it's riding the upward trend line.
USOIL has also broken the recent strong resistance at $52.12 after testing it several times.
It's likely to test this support again before continuing the bullish rally.
Watch out for the $52.65 - $52.70 price range to be broken!
Cheers!!
This week the asset has broken the downward channel as displayed in the attached chart. and it's riding the upward trend line.
USOIL has also broken the recent strong resistance at $52.12 after testing it several times.
It's likely to test this support again before continuing the bullish rally.
Watch out for the $52.65 - $52.70 price range to be broken!
Cheers!!
Related publications
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.