USOIL | MY PERSPECTIVE FOR THE WEEKThe USOIL is one commodity that attracted my interest in the last couple of months as I have executed some profitable positions within this period of time hence decided to do a publication after noticing that the commodity remains on track to close the second straight week in positive figures as the price keeps bouncing off my Demand zone.
Tendency: Uptrend ( Bullish )
Structure: Trendline | Supply & Demand
Observation: i. The line drawn under pivot lows (beginning of the month - August 2020) emphasizes the prevailing direction of price.
ii. Buying pressure appears to be building on momentum since price broke out of Key level at the beginning of the moth to make 50.0% retracement into zone with a positive signal of a possible rally written everywhere!
iii. The spring of a Bullish engulfing candle from Demand zone on Friday teases me to look out for a sensitive Support level to hop in the rally in the coming week as I eye 127.2 for my target @ $45.
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:2.5
Potential Duration: 4 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
