USOIL is unable to push higher up. It has a weak foundation as support and we can expect it to drop further down below to find a good support before continuing its long term bullish trend, if still strong.
Leave your SL above the last high for enough space to move before the breakdown below.
Leave your SL above the last high for enough space to move before the breakdown below.
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With the fib extension for placing your TP:
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I personally have closed this position as it could go for a high test. Will open it back on the next sell confirmation.
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This trade ended up in profit while Brent Crude oil tested its daily resistance one last time before breaking down.