Oil (USOIL) is trading within a Channel Up pattern since the December 13 2023 market bottom and currently is on the 3rd Bullish Leg towards the top (Higher Highs trend-line). This indicates that on a R/R basis, there is greater incentive selling with the price being closer to the pattern's top than the bottom (Higher Lows trend-line).
As a result we are bearish, targeting the 1D MA50 (blue trend-line) and the bottom of the Channel Up at 76.00, which is also marginally above Support 1. Notice also how symmetrical the Higher Highs and Higher Lows legs have been within the pattern.
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As a result we are bearish, targeting the 1D MA50 (blue trend-line) and the bottom of the Channel Up at 76.00, which is also marginally above Support 1. Notice also how symmetrical the Higher Highs and Higher Lows legs have been within the pattern.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.