Support and resistance levels for usoil (2016-07-09)

Jul 9, 2016

Oil broke out of the triangle at 45.9 this Thursday and it is coming to bottom of the decline channel. It will have more room to down if it breaks the support of the decline channel line.

Please refer to the flowing charts to compare.

Compare with CLQ2016 the price has already broken the rising channel. The price might go to around 40 in the following weeks.

Good luck for everyone!

Jul 12, 2016

Comment

It seems that oil got supported at the bottom channel line and the red trend line.

Jul 17, 2016

Comment

I am going to long oil again (the holding time depends on whether it can break out of the decline channel). It seems that it got supported from the channel line and red line.