USOUSD (Crude Oil) Daily: 06/02/2023: Does it fall more?
Main idea:
According to the weekly analysis, we expect a bear market.
In this case, there is a liquidity pool below 72.42 that can be defined as a first target. There is good support at 72.05, if the price can break this support, the price can fall to 67.5.
After collecting liquidity under 72.42, the price may have a short-term upward move. We can define 74.83- 75.7 as a supply zone that can push the price down.
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🗓️06/02/2023
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Oildaily
USOIL 100.00 The chart shows the uptrend.
USOIL on the 4-hour chart bounced for the second time above the 91 - 92 area.
The market after testing the 0.618 Fibonacci support is now trading for further resistance.
Technical analysis - daily time frame RSI is bullish. In general, the daily-weekly time frame is bullish.
DISCLAIMER: This review is not intended to encourage the buying or selling of any particular security. Also, it should not be a basis for any trading action by an individual investor. Therefore, your own due diligence is highly recommended before entering into a trade.