Oil (USOIL) on a 1-hour timeframe.
Analysis:
Downtrend Channel: The price is trading within a clear descending channel, marked by black trend lines.
Retracement Levels: After each retracement, the price continues to decline, indicating a strong bearish structure.
Target: Based on the channel projection, the price could drop towards the 67-68 zone if the bearish momentum continues.
Resistance Levels: The blue lines indicate short-term resistance zones, which, if broken, could lead to a short-term bullish movement.
Trading Plan:
Bearish Breakout: If the price stays within the channel, further downside is expected.
Bullish Breakout: If the price breaks above the channel, a potential reversal towards 72-73 could
"Join our Telegram channel to receive free, high-quality trading signals. Stay ahead in the market with our expert insights!
t.me/LunaTrader_1
t.me/LunaTrader_1
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.
"Join our Telegram channel to receive free, high-quality trading signals. Stay ahead in the market with our expert insights!
t.me/LunaTrader_1
t.me/LunaTrader_1
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.