USOIL / TRADING BELOW SUPPLY ZONE - 4H
USOIL / 4H TIME FRAME
HELLO TRADERS
Prices are currently on a downward trajectory, trading below the identified supply zone at approximately 70.04 and 69.21. The market is now approaching the support level at 67.27. There is a possibility of a brief retest of the supply zone before the price continues its decline towards the next support levels, which are around 66.87 and 65.58.
Conversely, if the price manages to break above the resistance level at 70.04, this would suggest a potential upward movement. In this case, the next target would be the resistance level at 71.54. For a confirmed upward trend, the price would need to break and maintain stability above 71.54. Achieving this could lead to further gains, with the next resistance target being around 74.03.
KEY LEVELS :
HELLO TRADERS
Prices are currently on a downward trajectory, trading below the identified supply zone at approximately 70.04 and 69.21. The market is now approaching the support level at 67.27. There is a possibility of a brief retest of the supply zone before the price continues its decline towards the next support levels, which are around 66.87 and 65.58.
Conversely, if the price manages to break above the resistance level at 70.04, this would suggest a potential upward movement. In this case, the next target would be the resistance level at 71.54. For a confirmed upward trend, the price would need to break and maintain stability above 71.54. Achieving this could lead to further gains, with the next resistance target being around 74.03.
KEY LEVELS :
- Supply Zone: 70.04 , 69.21 .
- Resistance Levels : 71.54 , 74.03 .
- Support Levels : 67.27 , 66.87, 65.58 .
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