As you know, the conflict in Iran has been lifting the worries about the supply of OIL since last week, which drives the price to go higher and higher.
USOIL has broken the uptrend channel on Day chart and created a higher high, which confirms the strong uptrend is in progress.
So personally I will stay away from it until the market is back to rational angain, and may trade other currencies related to it, like CADJPY I mentioned before.
For intraday traders, yes there is an opportunity to buy USOIL after a retracement backed to 63.70, it's a trade following the trend and acceptable.
Good luck trading!
Please also refer to my former analysis linked below, too.
Thanks!
USOIL has broken the uptrend channel on Day chart and created a higher high, which confirms the strong uptrend is in progress.
So personally I will stay away from it until the market is back to rational angain, and may trade other currencies related to it, like CADJPY I mentioned before.
For intraday traders, yes there is an opportunity to buy USOIL after a retracement backed to 63.70, it's a trade following the trend and acceptable.
Good luck trading!
Please also refer to my former analysis linked below, too.
Thanks!
