WTI Crude Oil (USOIL) is currently facing strong resistance at the 70.50 - 71.00 supply zone, aligning with the 200 EMA rejection and previous structural resistance. The price has failed to break above this level and is showing signs of bearish momentum.
Trade Setup:
🔹 Entry: Look for bearish confirmation near the 70.50 - 71.00 supply zone.
🔹 Stop Loss: Above 71.20, beyond recent highs to avoid stop hunts.
🔹 Target: The next major support zone near 66.00 - 66.50, a key demand area.
The trend remains bearish below the 200 EMA, and the recent pullback into resistance presents a potential continuation of the downtrend. If price holds below the resistance zone, expect a further decline towards lower support levels.
📉 Watch for: Bearish rejections, engulfing candles, or lower timeframe confirmations before entering a short position.
🔔 Stay patient and follow risk management! 🚀
Trade Setup:
🔹 Entry: Look for bearish confirmation near the 70.50 - 71.00 supply zone.
🔹 Stop Loss: Above 71.20, beyond recent highs to avoid stop hunts.
🔹 Target: The next major support zone near 66.00 - 66.50, a key demand area.
The trend remains bearish below the 200 EMA, and the recent pullback into resistance presents a potential continuation of the downtrend. If price holds below the resistance zone, expect a further decline towards lower support levels.
📉 Watch for: Bearish rejections, engulfing candles, or lower timeframe confirmations before entering a short position.
🔔 Stay patient and follow risk management! 🚀
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.
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.