USOIL is still Long
Updated
Today's USOIL breakout through resistance level 49.2 shows its about to go higher more.
Caution advised at 50.4 since it's a fib 0,618 and diagonal resistance level of the bearish channel. Oil might reverse here. Divergence on RSI (4/8 h) is supporting this option.
Although it might still go higher on usual low end of Summer/early Autumn Crude Oil Inventories and OPEC-cuts news.
Caution advised at 50.4 since it's a fib 0,618 and diagonal resistance level of the bearish channel. Oil might reverse here. Divergence on RSI (4/8 h) is supporting this option.
Although it might still go higher on usual low end of Summer/early Autumn Crude Oil Inventories and OPEC-cuts news.
Trade closed: target reached
channel resistance level reached. today's oil inventories will either retest the channel or move lower.
if lower - target 46.6
46.6 is a key level. if broken then bullish correction of recent weeks is over and next target is around 39.
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