USOIL | POTENTIAL BREAKOUT IMMINENTUSOIL finds itself at a critical juncture, facing a formidable horizontal resistance level at 79 that has proven unyielding since November 2023. However, a noteworthy development is underway as it sustains its position above the DEMA100 for the first time since October 23.
Furthermore, there is discernible formation of an inverted head and shoulders pattern within the confines of the 79 resistance zone. This pattern typically signifies a bullish reversal, hinting at the possibility of a breakout.
To confirm the bullish momentum, the bulls need to achieve a daily close above the 79 mark, which would effectively unlock potential upside opportunities. It goes without saying that maintaining a stop-loss level below 76 provides a prudent safeguard for any long positions. Additionally, the EMA100 serves as a dynamic trailing stop-loss indicator, aiding in managing risk effectively.
