US Oil: Watch for the resistance zone at 49.2~50.1
Updated
USOIL topped at 51.67 at June 9th.
Then it retraced to 45.83 after one week correction.
It formed a bullish engulfing pattern last Friday. I will watch carefully the resistance zone at 49.2~50.1 this week. If it breaks this zone, it means the bull is back again and oil will head for higher. Otherwise it will continue the correction to TP2 (see chart above).
No confirmation, no trading!
Good luck for everyone!
Then it retraced to 45.83 after one week correction.
It formed a bullish engulfing pattern last Friday. I will watch carefully the resistance zone at 49.2~50.1 this week. If it breaks this zone, it means the bull is back again and oil will head for higher. Otherwise it will continue the correction to TP2 (see chart above).
No confirmation, no trading!
Good luck for everyone!
Note
It seems that oil was rejected back from the resistance zone. I will watch carefully and prepare to short again.Note
It will form a bat pattern very likely. Note
Oil is choppy too much. It is better to wait until the direction is clear.Note
Watch out the rising channel support. Pay attention to whether oil will break it.Note
Nice down! Break out of the rising channel. Pay attention to the TP1 zone!
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