Hi Traders!
A symmetrical triangle is forming on the USOIL 1D chart, and we could have a breakout soon.
Here are the details:
The market has found support and resistance at both the trendline support and trendline resistance of the triangle, as the market is looking for a direction. Looking at the price action, it looks bullish due to the market swings; the lows and highs are starting to get higher, and additionally, the market is above the 20 EMA.
As long as the market is still above the 20 EMA, our view will remain bullish. We expect some more consolidation before a possible third attempt at the trendline resistance.
Preferred Direction: Buy
Technical Indicators: 20 EMA
Resistance: 74.91
Support: 72.13
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
A symmetrical triangle is forming on the USOIL 1D chart, and we could have a breakout soon.
Here are the details:
The market has found support and resistance at both the trendline support and trendline resistance of the triangle, as the market is looking for a direction. Looking at the price action, it looks bullish due to the market swings; the lows and highs are starting to get higher, and additionally, the market is above the 20 EMA.
As long as the market is still above the 20 EMA, our view will remain bullish. We expect some more consolidation before a possible third attempt at the trendline resistance.
Preferred Direction: Buy
Technical Indicators: 20 EMA
Resistance: 74.91
Support: 72.13
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
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