USOIL Bullish Uptrend Trajectory is still intact
USOIL is in an upward trajectory which did not get broken yet. And which I think will not broken easily due to various geopolitical issues and massive shortage and cut in production especially by Venezuela, Iran, and Libya which totally account about 1/3 of world oil reserves. Any ramp up in additional production capacity can only cause a minor retrace in price, but overall the price will be pushed towards $100 in my opinion from where it will retest $80 per barrel.
However, there was a topping out and prices did a minor retrace, but still within the upward trajectory channel.
However, there was a topping out and prices did a minor retrace, but still within the upward trajectory channel.
Note
My First TP target is 69.9My Second TP target is 71.8
Order cancelled
This trading plan is cancelled since it broke the critical $67 level
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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.