WTI Crude Oil (USOIL) Bullish Pullback Setup – Targeting $66.70 Entry Point: Around $62.30 - $62.26
Stop Loss: Set below the entry zone at $61.65, with a potential lower buffer at $60.90
Target Zone (EA TARGET POINT): Between $66.62 and $67.00
A projected gain of 4.22 points (~6.77%)
📈 Price Action & Indicators:
The price had a strong bullish run recently and is now consolidating or pulling back slightly.
The red and blue moving averages (likely short-term and medium-term MAs) show a bullish crossover and trend.
There's a potential bullish setup if the price pulls back to the entry zone and finds support.
The blue curved arrow indicates a projected bounce from the $62.30 support region back up toward the $66.70 target.
🛠️ Strategy Implied:
Wait for pullback to the entry zone (~$62.30).
Enter long at or around that level.
Set Stop Loss at $61.65 to limit downside risk.
Take Profit at $66.70 for a solid risk-reward ratio.
⚠️ Risks:
If support at $62.30 fails, price may head toward $61.65 or lower.
Market volatility (especially with crude oil) can invalidate setups quickly.
Economic events (e.g., U.S. inventory reports, OPEC news) can disrupt technical patterns.
