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Underlying:USOIL
Time frame:1W
What Has Happened So Far:
Last week I posted a chart on the weekly time frame talking about the potential for the price to still increase in oil. The reason behind that was that the centre line of the Bollinger Band had flattened out and could act as support. Adding in the mix, the EMA's on the MACD were still crossing the centre line which tends to be a bullish momentum play.
What am I Looking to Happen:
As the two EMA's on the MACD are STILL crossing over the centre line it is still a bullish play and I expect price to keep rising until we hit some form of resistance. The first resistance is going to be the upper Bollinger Band. The second level will be the pink trading zone which lines up with previous support and resistance. From there you can look at the 50 and 200 Moving Average as the next levels.
Target Profit:53.50
Stop Loss:NA
If you like this idea leave a like and follow me to get all of my updates :) I would love to talk to you so send me a message or comment!
Underlying:USOIL
Time frame:1W
What Has Happened So Far:
Last week I posted a chart on the weekly time frame talking about the potential for the price to still increase in oil. The reason behind that was that the centre line of the Bollinger Band had flattened out and could act as support. Adding in the mix, the EMA's on the MACD were still crossing the centre line which tends to be a bullish momentum play.
What am I Looking to Happen:
As the two EMA's on the MACD are STILL crossing over the centre line it is still a bullish play and I expect price to keep rising until we hit some form of resistance. The first resistance is going to be the upper Bollinger Band. The second level will be the pink trading zone which lines up with previous support and resistance. From there you can look at the 50 and 200 Moving Average as the next levels.
Target Profit:53.50
Stop Loss:NA
If you like this idea leave a like and follow me to get all of my updates :) I would love to talk to you so send me a message or comment!