🛢️ USOIL Correction Before Increases 🛢️
🛢️ USOIL Correction Before Increases
🛢️ Nearest strong support zone: around the 0.5 fibo level of the upward wave.
🛢️ Nearest strong resistance zone: around the 0.236 fibo level of the downward wave.
🛢️ Technical environment:
- Moving averages: 50/50
- MACD: 50/50
- RSI: Uptrend
🛢️ Price Action: USOIL has been accumulating between $70-80 per barrel over the past few weeks. In my opinion, the current accumulation has a high probability of ending with an upward breakout, but looking at the current formation, I do not see how we can break out of the current level, given the fact that ahead of us is a new wave of strengthening of the US dollar, oil is likely to perform a correction before the increases.
🛢️ The scenario I play is to wait for the end of the correction to join the next upward movement. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
🛢️ Please do not suggest the path I have outlined with lines it is only a hypothetical scenario.
🚀 If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile. 🚀
🛢️ Nearest strong support zone: around the 0.5 fibo level of the upward wave.
🛢️ Nearest strong resistance zone: around the 0.236 fibo level of the downward wave.
🛢️ Technical environment:
- Moving averages: 50/50
- MACD: 50/50
- RSI: Uptrend
🛢️ Price Action: USOIL has been accumulating between $70-80 per barrel over the past few weeks. In my opinion, the current accumulation has a high probability of ending with an upward breakout, but looking at the current formation, I do not see how we can break out of the current level, given the fact that ahead of us is a new wave of strengthening of the US dollar, oil is likely to perform a correction before the increases.
🛢️ The scenario I play is to wait for the end of the correction to join the next upward movement. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
🛢️ Please do not suggest the path I have outlined with lines it is only a hypothetical scenario.
🚀 If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile. 🚀
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💲 To keep up to date with all my activities I invite you to visit my Telegram 💲
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💲 To keep up to date with all my activities I invite you to visit my Telegram 💲
💲 t.me/Investmatez 💲
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💲 To keep up to date with all my activities I invite you to visit my Telegram 💲
💲 t.me/Investmatez 💲
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.