Happy Sunday Traders,
I want to show some interesting points I am looking at. USOIL seems to form a wedge formation at the weekly timeframe and is currently holding at the low. The technicals for my bullish and bearish perspective are the following:
Bullish:
- Weekly Wedge low followed by weekly deceleration.
IF we hold, I see this market move all the way back up to re-test 54.00
Bearish:
- Failed to hold above 50.00 key level & possible neckline of the HS.
- Broke below the 50 EMA
Next downside target is 45.00 IF we break the wedge low. Lowest target for me is 40.00
Safe Trading.
I want to show some interesting points I am looking at. USOIL seems to form a wedge formation at the weekly timeframe and is currently holding at the low. The technicals for my bullish and bearish perspective are the following:
Bullish:
- Weekly Wedge low followed by weekly deceleration.
IF we hold, I see this market move all the way back up to re-test 54.00
Bearish:
- Failed to hold above 50.00 key level & possible neckline of the HS.
- Broke below the 50 EMA
Next downside target is 45.00 IF we break the wedge low. Lowest target for me is 40.00
Safe Trading.