Oil Support and Resistance levels for TVC:USOIL by rakeshreddym

Oil Support and Resistance levels

Oil forming and inverse head shoulder pattern only valid if this trendline support helds on 76.50 area. if it takes support and continues with pattern oil might see 80 and 82 even 84 with head length again, keep on eye on current levels for breakdown or rejection to upside.

On lowerside if voilates trendline support 76 to 73 can be see below.

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Trendline support got voilated H&S invalid now, trading at 75 area support if that goes out Oil will go down 2 points dowside easily to 73 area.

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73 incomming

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73 done

Trade closed manually

lower target of 73 reached

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73.20 above sustains long till 75,76 and 78 targets

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trendline resistance break out happened

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75 acheived

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78 area testing now

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at support now a rejection here can long else shot to 72 area target

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long on support area

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so far good up halfway to target

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heading for target

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Target acheived

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73 and 72.50 immeadiate support if it goes further down there is support on 71.50 area

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73 and 72.50 voilted fell to lower side

rakeshreddym

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