HEADLINE: Oil; Does it rally here, or will we see new lows?
TICKER: USOIL
SUMMARY: Oil is in a clear downtrend, however it looks like it has a chance to rally after bouncing off the previous low.
STRATEGY USED: Momentum Mover
Trend Confirmation = Fractal Trend
Entry Signal = Breakaway Scalper
Exit Signal = Breakaway Scalper OR Orderblock Mapping
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DESCRIPTION:
1. Fractal trend is showing Oil in a downtrend. However, our Breakaway Scalper has stopped giving a short signal.
2. We are currently looking for the move off S1 support to test R1 resistance.
3. If R1 is broken oil has a chance to rally, although the resistance at R2 stands in the way first.
4. If S1 is retested and can't hold then Oil will be looking at new lows.
5. A long entry would be valid if both Fractal Trend and Scalper agree on long signals above R1.
6. A short entry would be valid if Fractal Trend remains bearish and Scalper confirms another short. A confirmed short on a break of S1 would be ideal as the trend is already bearish overall.
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NOTE: We conduct market analysis on a daily basis from a trend trading perspective using our own in house built tools. If you like any of the content we provide please leave a like and a follow to show your appreciation.
TICKER: USOIL
SUMMARY: Oil is in a clear downtrend, however it looks like it has a chance to rally after bouncing off the previous low.
STRATEGY USED: Momentum Mover
Trend Confirmation = Fractal Trend
Entry Signal = Breakaway Scalper
Exit Signal = Breakaway Scalper OR Orderblock Mapping
---
DESCRIPTION:
1. Fractal trend is showing Oil in a downtrend. However, our Breakaway Scalper has stopped giving a short signal.
2. We are currently looking for the move off S1 support to test R1 resistance.
3. If R1 is broken oil has a chance to rally, although the resistance at R2 stands in the way first.
4. If S1 is retested and can't hold then Oil will be looking at new lows.
5. A long entry would be valid if both Fractal Trend and Scalper agree on long signals above R1.
6. A short entry would be valid if Fractal Trend remains bearish and Scalper confirms another short. A confirmed short on a break of S1 would be ideal as the trend is already bearish overall.
---
NOTE: We conduct market analysis on a daily basis from a trend trading perspective using our own in house built tools. If you like any of the content we provide please leave a like and a follow to show your appreciation.
Note
It did not rally, but Oil sure made new lows Note
Oof 
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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.
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.