USOIL Bullish Breakout: Wedge Pattern Analysis on H4
On the H4 timeframe, USOIL has breakout above a wedge pattern, signaling a potential shift toward bullish momentum. The breakout is visually projected using an orange-colored box, highlighting the zone where the price successfully moved above the wedge's upper boundary. This breakout indicates an increase in buying pressure, suggesting that the price may trend higher in the near term.
The next key resistance levels to watch are 71.3 and 72.2, which align with significant historical price zones and are set as profit targets. Caution is advised, as a reversal that pushes the price back into the wedge would invalidate this bullish outlook. It is advisable to place a stop-loss just below the wedge’s upper boundary.
Disclaimer:
This analysis is part of a trading plan and does not constitute trading advice. Technical analysis is probabilistic in nature and does not guarantee profitability. Always implement proper risk management in every trading decision.
The next key resistance levels to watch are 71.3 and 72.2, which align with significant historical price zones and are set as profit targets. Caution is advised, as a reversal that pushes the price back into the wedge would invalidate this bullish outlook. It is advisable to place a stop-loss just below the wedge’s upper boundary.
Disclaimer:
This analysis is part of a trading plan and does not constitute trading advice. Technical analysis is probabilistic in nature and does not guarantee profitability. Always implement proper risk management in every trading decision.
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.