Good night everyone,
USOIL is now showing some exhaustion after the huge rally, rejecting 200 weekly SMA as resistance so far and .618 fibo retracement from 76usd to 43usd sell off rally.
If OIL go down a good opportunity to search long is on the daily timeframe, we have a moving average golden cross and it is on the 60usd support zone.
On the H4 timeframe we see a triple top pattern and RSI bearish divergence.
Therefore i'll not long oil until a break and close above weekly 200sma or we have a good correction and better RxR opportunity.
Wednesday we have another OIL Stocks report, shall the number increase this will mean the demand for the commoditie is going down (at least for short term), lets see!
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
USOIL is now showing some exhaustion after the huge rally, rejecting 200 weekly SMA as resistance so far and .618 fibo retracement from 76usd to 43usd sell off rally.
If OIL go down a good opportunity to search long is on the daily timeframe, we have a moving average golden cross and it is on the 60usd support zone.
On the H4 timeframe we see a triple top pattern and RSI bearish divergence.
Therefore i'll not long oil until a break and close above weekly 200sma or we have a good correction and better RxR opportunity.
Wednesday we have another OIL Stocks report, shall the number increase this will mean the demand for the commoditie is going down (at least for short term), lets see!
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Therefore the first potential target is 70usd of course =)