USOIL Near a long term support. Optimal Buy.
USOIL is on a strong decline following the January 08 high, below both the MA50/200.
Levels to watch:
- The Resistance is at 66.60 while the Support at 50.55.
- The RSI has hit the 6 month support level.
- The Golden Cross late in December marked the top.
Projection:
- The 50.55 - 51.90 Zone has provided support and a buy level since June 2019. The pattern (both candles and RSI) is similar to May - June with the Golden Cross preceding the decline to the Support. We are therefore expecting a strong rebound on the support zone with an initial target the 1D MA50.
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Levels to watch:
- The Resistance is at 66.60 while the Support at 50.55.
- The RSI has hit the 6 month support level.
- The Golden Cross late in December marked the top.
Projection:
- The 50.55 - 51.90 Zone has provided support and a buy level since June 2019. The pattern (both candles and RSI) is similar to May - June with the Golden Cross preceding the decline to the Support. We are therefore expecting a strong rebound on the support zone with an initial target the 1D MA50.
If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!
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