USOIL / UNDER BULLISH PRESSURE - 4HUSOIL / 4H TIME FRAME
HELLO TRADERS
Recent Decline , Prices began to drop at the end of September by 7.12%. This indicates a noticeable downtrend, which could be driven by various market factors.
Support Level at 67.22 , Currently, prices are trading slightly above this key support level. If the price breaks below 67.22, it may trigger a further decline of 9.80%.
Potential for Rebound , If the support level holds, a potential rise could occur. Two potential rise targets are a 3.48% increase and a 6.27% increase, depending on how strong the support level is and whether positive momentum returns.
Technical Analysis:
Current Support Level , The price of USOIL is currently above 67.22. This level serves as a critical support point; if prices remain above this, it suggests bullish sentiment.
Target Range (FVG) , If prices hold above 67.22, the analysis predicts an upward movement toward a Fair Value Gap (FVG) area between 68.73 and 69.48. This implies potential buying interest or liquidity in that range.
Further Resistance , If the price breaks through the FVG area, it could rise further to reach a resistance level at 71.74. This indicates a bullish outlook if the upward momentum continues.
Conversely, if the price drops below 67.22, it suggests a bearish trend, potentially declining to 65.24. This indicates a shift in sentiment from bullish to bearish.
