(USOIL) on a daily timeframe. The chart highlights a strong buy zone at the lower area around 67.00, with a weak low at66.00, indicating a potential entry point for long positions. The upcoming trend is expected to be bullish, with an anticipated upward movement targeting 77.15, shown in the upper right corner.
The chart includes various market structure labels such as BOS (Break of Structure), ChCh (Change of Character), and EQH (Equal High), which help to identify key reversal points and potential shifts in market direction. The current structure suggests that after the price tested the strong buy zone, there may be a push upwards towards the target at 77.15.
Traders should look for confirmation of the bullish trend, particularly through price action above the strong buy zone, signaling that Crude Oil could move toward the target. The strong high is marked, which could act as a resistance level as the price approaches the target.
The chart includes various market structure labels such as BOS (Break of Structure), ChCh (Change of Character), and EQH (Equal High), which help to identify key reversal points and potential shifts in market direction. The current structure suggests that after the price tested the strong buy zone, there may be a push upwards towards the target at 77.15.
Traders should look for confirmation of the bullish trend, particularly through price action above the strong buy zone, signaling that Crude Oil could move toward the target. The strong high is marked, which could act as a resistance level as the price approaches the target.
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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.