🔍 USOIL Technical Analysis – 8H Chart Overview
🟩 Bullish Breakout Confirmed
Price has broken above a key consolidation zone and is now trading above the prior resistance, which has flipped into a support level around the $71.50-$72.00 zone.
🛠 Technical Structure
▫️ Demand Zone: $61.00-$64.00 zone successfully held, igniting bullish momentum.
▫️ Breakout Confirmation: Strong rally from the consolidation area, supported by increasing volume.
▫️ Resistance Turned Support: Previous resistance has now become a valid support base, supporting continuation.
🎯 Outlook
As long as price holds above the new support, a continued move toward the major resistance/target zone at $78-$80 remains likely. A minor pullback into the $71-$72 zone could offer a potential long entry.
✅ Bias: Bullish
📌 Next Target: $78.00 - $80.00
🛡 Key Support: $71.00 - $72.00
🔹Community Insight:
If you find this analysis helpful in your trading journey, feel free to share your thoughts or questions in the comments. Let’s work together to maintain a disciplined, technical approach to the markets.
▪️Follow for regular updates and trade setups.
🟩 Bullish Breakout Confirmed
Price has broken above a key consolidation zone and is now trading above the prior resistance, which has flipped into a support level around the $71.50-$72.00 zone.
🛠 Technical Structure
▫️ Demand Zone: $61.00-$64.00 zone successfully held, igniting bullish momentum.
▫️ Breakout Confirmation: Strong rally from the consolidation area, supported by increasing volume.
▫️ Resistance Turned Support: Previous resistance has now become a valid support base, supporting continuation.
🎯 Outlook
As long as price holds above the new support, a continued move toward the major resistance/target zone at $78-$80 remains likely. A minor pullback into the $71-$72 zone could offer a potential long entry.
✅ Bias: Bullish
📌 Next Target: $78.00 - $80.00
🛡 Key Support: $71.00 - $72.00
🔹Community Insight:
If you find this analysis helpful in your trading journey, feel free to share your thoughts or questions in the comments. Let’s work together to maintain a disciplined, technical approach to the markets.
▪️Follow for regular updates and trade setups.
Related publications
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.
Related publications
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.