Price in USOIL
has completed an 5-3 Elliott wave
cycle with c wave testing a key support level
. At that level we can see the bottom line of a rising channel
and a long term resistance level
which was broken last week, now acting as support. A bulish hidden divergence supports more the idea of going long.
I would place stoploss below the long term trendline
and as a profit target i would aim for 1.27 fil level of the 5 wave impulse.
Long term resistance, now acting as support:
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