USOILCrude oil has broken out of the $34.5 level (which has been acting as resistance for approximately the past 10 days) with good buy volume. We can see a good up side rally in the next few hours/days and the next important level to watch out for would be the $36 as resistance.
There was a huge price gap created between the $36 and $41 when CRUDEOIL prices crashed all of a sudden. Gaps tend to act as Support/Resistance, so we will have to see if we have good buying pressure to overcome that zone. Anyhow, Crude oil can give good trading opportunities for the short term future and looks bullish for the time being.
Daily RSI
USOIL - 60 - Leaning Bullish
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Note
Break out from upper resistance of $35.6 has happened!
Cheers to all those in profits!
We are now at upper level of resistance of $36.4 formed since 16th March.
Will post a new idea sometime soon.
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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.