WTI crude about to resume lower?WTI formed a large bearish engulfing candle on its daily chart yesterday near the key $65 resistance level. Was that an indication that prices have ended their corrective bounce? Time will tell, but today's oil prices have bounced back. With the trade uncertainty in the background, demand concerns remain high.
So, I wouldn't be surprised if prices were to resume lower from here. The trend is clearly bearish with the moving averages all pointing lower, not to mention the lower highs and lower lows.
If the selling resumes, watch for possible bounces at the next key round handles like $62, $61 and $60. But there is always the possibility of a sweep below this month's earlier lows if macro concerns intensify.
Meanwhile, the bullish idea is off the table for me for now until we see some progress in US-China trade talks at least, or if prices show a major bullish reversal signal.
By Fawad Razaqzada, market analyst with FOREX.com
Crude
WTI OIL Oversold rebound at the bottom of 7-month Channel Down.WTI Oil (USOIL) hit last week the bottom (Lower Lows trend-line) of the 7-month Channel Down while its 1D RSI turned oversold (<30.00), the lowest it's been since March 2020 and the COVID crash.
Naturally, the price rebounded but still hasn't even tested the 1D MA50 (blue trend-line), which indicates that it remains a strong medium-term buy opportunity. With the previous Lower Low almost reaching the 0.786 Fibonacci retracement level, we expect to see at least $72.50 in the medium-term.
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Crude Oil Is Making Hard Work of Gains into ResistanceCride oil may have recovered back above $60, but it is making hard work of it. And with resistance looming and large specs increasing short bets, perhaps a pullback due. But does that mean a break below $60 is imminent?
Matt Simpson, Market Analyst at Forex.com and City Index
WTI Oil H4 | Potential bullish bounceWTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 62.01 which is a pullback support.
Stop loss is at 58.60 which is a level that lies underneath a swing-low support and the 61.8% Fibonacci retracement.
Take profit is at 65.63 which is a pullback resistance that aligns with the 61.8% Fibonacci retracement.
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WTI Oil H4 | Approaching a multi-swing-high resistanceWTI oil (USOIL) is rising towards a multi-swing-high resistance and could potentially reverse off this level to drop lower.
Sell entry is at 62.71 which is a multi-swing-high resistance.
Stop loss is at 65.90 which is a level that sits above the 61.8% Fibonacci retracement and a pullback resistance.
Take profit is at 57.01 which is a swing-low support.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (tradu.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd (tradu.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Losses can exceed deposits.
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The speaker(s) is neither an employee, agent nor representative of Tradu and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of Tradu or any form of personal or investment advice. Tradu neither endorses nor guarantees offerings of third-party speakers, nor is Tradu responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
WTI CRUDE OIL: Channel Down bottomed. Buy opportunity.WTI Crude Oil is heavily bearish on its 1D technical outlook (RSI = 38.039, MACD = -2.310, ADX = 38.046) as it is trading inside a Channel Down for more than 1 year. Last week's low has made a technical LL at the bottom of the pattern and the current consolidation indicates that this may be an attempt to initiate the new bullish wave. The 1D RSI recovered from being oversold previously and this potentially hints to a rebound over the 1D MA200. The last bullish wave crossed above the 0.618 Fibonacci marginally. Trade: long, TP = 71.00.
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WTI Oil D1 | Approaching a swing-high resistanceWTI oil (USOIL) could rise towards a swing-high resistance and potentially reverse off this level to drop lower.
Sell entry is at 62.71 which is a swing-high resistance.
Stop loss is at 66.00 which is a level that sits above the 61.8% Fibonacci retracement and a pullback resistance.
Take profit is at 58.18 which is a swing-low support.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (tradu.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd (tradu.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Global LLC (tradu.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to Tradu (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of Tradu and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of Tradu or any form of personal or investment advice. Tradu neither endorses nor guarantees offerings of third-party speakers, nor is Tradu responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
WTI Oil H4 | Approaching a swing-high resistanceWTI oil (USOIL) is rising towards a swing-high resistance and could potentially reverse off this level to drop lower.
Sell entry is at 62.71 which is a swing-high resistance.
Stop loss is at 66.00 which is a level that sits above the 61.8% Fibonacci retracement and a pullback resistance.
Take profit is at 57.01 which is a swing-low support.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (tradu.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd (tradu.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Global LLC (tradu.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to Tradu (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of Tradu and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of Tradu or any form of personal or investment advice. Tradu neither endorses nor guarantees offerings of third-party speakers, nor is Tradu responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
WTI OIL Buy opportunity or more meltdown coming?WTI Oil (USOIL) has been trading within a long-term Channel Down since the September 25 2023 High and the recent Trade War sell-off helped the price drop towards the pattern's bottom (Lower Lows trend-line) much quicker.
Technically this has been a 1W MA50 (blue trend-line) rejection, previously a Lower High rejection on the 1W MA200 (orange trend-line). Notice how the 1W RSI has also been trading within a Channel Down of its own, with the indicator near its bottom as well.
Being more than -31% down (more than the -29% of the first Bearish Leg), we can technically claim that this is a solid level for a medium-term buy again. The previous Bullish Leg marginally exceeded the 0.618 Fibonacci retracement level before the Lower High. As a result, our new Target is $70.00.
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WTI Oil H4 | Heading into a pullback resistanceWTI oil (USOIL) is rising towards a pullback resistance and could potentially reverse off this level to drop lower.
Sell entry is at 59.51 which is a pullback resistance that aligns with the 38.2% Fibonacci retracement.
Stop loss is at 61.95 which is a level that sits above the 61.8% Fibonacci retracement and an overlap resistance.
Take profit is at 53.41 which is a support level that aligns with the 78.6% Fibonacci projection.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (tradu.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd (tradu.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Global LLC (tradu.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to Tradu (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of Tradu and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of Tradu or any form of personal or investment advice. Tradu neither endorses nor guarantees offerings of third-party speakers, nor is Tradu responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
USOIL CATCHING THE FALLING KNIFE|LONG|
✅CRUDE OIL lost 18% of it's
Value in the last 5 days on the
Trade war news, which makes
The market to expect a recession
And a sharp drop in the oil demand
However, I still think that Oil
Is locally oversold, therefore
A local bullish correction is
To be expected from the
Horizontal support below
Around 57.34$ and the
Target being the resistance
Above around 61.81$
LONG🚀
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WTI CRUDE OIL: Potential bottom and massive rebound to 71.00.WTI Crude Oil got oversold on its 1D technical outlook (RSI = 31.096, MACD = -1.620, ADX = 38.232) but is recovering its 1W candle now as it hit the bottom (LL) of the 1 year Channel Down. If the 1W candle makes a green closing, we will consider this a bottom, as the 1W RSI is also on its LL trendline) and go for a long aimed as the previous one at the 0.618 Fibonacci (TP = 71.00).
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WTI Oil H1 | Bearish downtrend to extend further?WTI oil (USOIL) could rise towards a pullback resistance and potentially reverse off this level to drop lower.
Sell entry is at 59.52 which is a pullback resistance.
Stop loss is at 61.50 which is a level that sits above a pullback resistance.
Take profit is at 57.37 which is a swing-low support.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Oil in a multi-week declining triangle patternPYTH:USOILSPOT
Oil has been in a multi-week declining triangle pattern, lasting over 2 years so far, which will eventually break to the downside. When it does, the price target should be around $35 USD. Which is calculated subtracting the width of the triangle from the base of the triangle.
When? Probably when we have a stock market crash, which could be soon. Fundamentally speaking, a global recession should reduce global demand for crude oil. Also, a resolution of the Ukraine-Rusia conflict should increase global supply of crude oil.
Good luck to you
WTI Oil H4 | Potential bearish breakoutWTI oil (USOIL) is falling towards a potential breakout level and it could drop lower from here.
Sell entry is at 66.44 which is a potential breakout level.
Stop loss is at 67.40 which is a level that sits above a pullback resistance.
Take profit is at 65.20 which is a multi-swing-low support.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Crude Oil Dipped, Testing Critical Support Level FenzoFx—Crude oil dropped from $72.20 and is now testing the $68.8 support. The decline was expected as the Stochastic oscillator signaled overbought conditions.
If $68.8 breaks, the downtrend could extend to $67.6.
Bullish Scenario : However, a higher low above $70.15 would invalidate the bearish outlook, potentially pushing prices back to $72.20.
WTI Oil H4 | Pullback support at 61.8% Fibonacci retracementWTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 69.99 which is a pullback support that aligns with the 61.8% Fibonacci retracement.
Stop loss is at 68.40 which is a level that lies underneath an overlap support and the 50.0% Fibonacci retracement.
Take profit is at 72.94 which is a multi-swing-high resistance.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
WTI OIL Approaching a potential rejection level.Our last short-term analysis (March 18, see chart below) on WTI Oil (USOIL) hit the $70.00 Target and is currently extending the uptrend:
We believe however that this uptrend may be coming to a temporary end as not only does it approach the 1D MA200 (orange trend-line) that has been intact since February 03, but also the 73.40 Symmetrical Resistance that kick started the -7.70% September 24 2024 rejection.
As you can this this is also where the 1D RSI 67.00 Resistance is, which has also caused 2 rejections.
Based on that, we will wait for a short on the 1D MA200 to target $68.00.
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WTI Oil H4 | Falling to pullback supportWTI oil (USOIL) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 71.06 which is a pullback support.
Stop loss is at 69.80 which is a level that lies underneath a pullback support and the 23.6% Fibonacci retracement.
Take profit is at 72.94 which is a multi-swing-high resistance.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
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WTI CRUDE OIL: 1M MA100 providing huge buying pressure to $77.50WTI Crude Oil has reclaimed its bullish technical outlook on 1D (RSI = 62.688, MACD = -0.001, ADX = 49.608) as is about to end the month on a strong green 1M candle and a huge 1M RSI bullish divergence. The most important development here is that the current 1M candle (March) marginally hit the 1M MA100 and immediately rebounded. This trendline has been the market's major long term support since April 2021, so essentially for the last 4 years. We believe that this is enough to cause a medium term rebound to the LH Zone and possibly even just outside of it to test the 1M MA50. For now however, our target is contained inside this zone (TP = 77.50).
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CRUDE OIL Bullish Breakout! Buy!
Hello,Traders!
CRUDE OIL is trading in an
Uptrend and the pair made
A bullish breakout of the key
Level of 70.30$ and the
Breakout is confirmed so we
Are bullish biased and we
Will be expecting a further
Move up after a potential
Local pullback
Buy!
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Crude Oil (WTI) Bullish Breakout – Eyes on $78.47!🚀 Crude Oil (WTI) Bullish Breakout – Eyes on $78.47! 🚀
📊 Trade Setup:
Entry Price: $73.12
Take Profit 1: $73.99
Take Profit 2: $76.20
Take Profit 3: $78.47
Stop Loss: $71.21 (below key support zone)
📈 Analysis:
After months of trading in a range, WTI Crude Oil has broken above the upper boundary of the channel , signaling a bullish breakout. This breakout is supported by:
1️⃣ China's Economic Optimism: Growth pledges and potential stimulus are boosting demand expectations.
2️⃣ Technical Momentum: Key resistance at $71.50 and $74 has been breached, opening the path toward higher targets.
3️⃣ Tight Weekly Chart Range: A big move was anticipated, and the bulls delivered!
🎯 Targets:
With momentum on our side, we’re targeting:
$73.99: Quick resistance retest.
$76.20: Alignment with prior highs.
$78.47: Major resistance and breakout zone.
🔹 Risk Management:
Stop loss at $71.21, well below the key support zone, ensures controlled risk in case of reversal.
⚡ Are you riding the breakout, or watching from the sidelines? Let me know your thoughts below! ⚡