Usoilprediction
US OIL Long term short opportunity Whats going on everyone.
My favourite setup of the day is USOIL.
You can clearly see this asset is in a bearish structure, with a lower low, and now a lower high formation.
So whats next, logically? A new lower low.
We're starting to see OIL struggle in between the 61.8 and 78.6 fib extensions, and sellers are beginning to push price down.
Im short from this area, with stops set quite tight here.
Target: 34.06.
USOIL Long PlayUSOIL looking perfect for a long
Huge rejection of the 78.6 as well as a higher low on the 1H timeframe.
The prior wick indidcates some strong buying pressure from the region below and a long makes a lot of sense.
Stops just below the prior hourly wick, take profit at $44.
Hope this helps.
Let me know if you caught 150 pips from my last oil trade?!Here is my next set up for oil. I have already taken some profit from the initial trade and I also still have some running. I am looking for a new entry as I don't believe the downside movement is complete yet!.
I have put in two red boxes where price could reject from but for me to enter again it would have to come back up to my zone!.