Hello traders, Please Like if you found this idea useful.
USOIL Price has recently broken above a key descending trendline resistance following a successful retest of a breaker block and order block near the $60 area. This zone has previously acted as strong support, confirming buyer interest at that level.
The bullish breakout is supported by a clean impulse move, indicating momentum on the buy side. The price action also shows a shift in structure from lower highs to higher lows, signaling a potential trend reversal.
We can expect a possible short-term pullback to retest the broken trendline or the minor support near $63 before resuming the bullish leg. The next significant resistance lies in the $67–$69 region, which aligns with previous supply and structural highs.
⚠️ Invalidation: A breakdown below $60 would invalidate the current bullish setup
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
___________________________________
Thanks for your support!
If you found this idea helpful, drop a like 🚀 and leave a comment, I’d love to hear your thoughts!
USOIL Price has recently broken above a key descending trendline resistance following a successful retest of a breaker block and order block near the $60 area. This zone has previously acted as strong support, confirming buyer interest at that level.
The bullish breakout is supported by a clean impulse move, indicating momentum on the buy side. The price action also shows a shift in structure from lower highs to higher lows, signaling a potential trend reversal.
We can expect a possible short-term pullback to retest the broken trendline or the minor support near $63 before resuming the bullish leg. The next significant resistance lies in the $67–$69 region, which aligns with previous supply and structural highs.
⚠️ Invalidation: A breakdown below $60 would invalidate the current bullish setup
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
___________________________________
Thanks for your support!
If you found this idea helpful, drop a like 🚀 and leave a comment, I’d love to hear your thoughts!
Trade active
Trade closed: target reached
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.