USOIL This is the 6th trading day of wide and tight consolidation since Tuesday, June 24th on the Hourly that is in Bullish (directional) Market Bias.
A new and thin S&R Zone formed (that starts at 65.32) as a 2nd tier over the taller one for the bulls to rise from or bears to drop below.
We'll see if the bulls will even try to head for the Swing Low at 65.90 to breach and break out of the tall Inside Day at the patterns high of 66.06. If not, then the bears can try for a breakout from the Inside Day's low of 64.76 and breach the Swing Lows of 64.63, 64.50, and 64.48 as a bundle.
USOIL From the market price falling from $78.40 to the current $64, the decline was too fast and too large, and the market did not rebound and adjust. From a structural point of view, the market needs to rebound and adjust before it can fall better, but today's market seems too flat for OPEC's production increase. OPEC has confirmed that it will increase production again in August, and other oil-producing countries will definitely increase production one after another, which will cause crude oil to be under pressure again. After the market has been sideways at $64-67, it has not rebounded for a long time. The current market is in a short position, so in our operation, we still make orders when the market reaches that point first. . . . .
🚀🚀🚀Short at $66.35 above, stop loss at $66.70, and take profit at $64.60. (Aggressive short at $65.95).
🚀🚀🚀If the market does not rise today but falls sharply, you can try to go long at $63.80, stop loss at $63.2, and take profit at $65. . . .
Trading is risky, please control it reasonably. Charlie will share more trading experience. Please stay tuned.