📊 NFX 
USOIL Oil Trade Analysis
USOIL is currently trading at a critical resistance zone around $64.200. With no strong fundamentals to back the current bullish momentum, this move looks short-lived given the broader macroeconomic outlook (as discussed in our last WMA session).
🔀 Two key paths ahead:
Path A – Bearish Rejection🔻(Most Probable)
Price faces rejection at current SR zone.
Confluence with the 200-day SMA, which has acted as strong resistance for some time.
Likely scenario: sharp retracement downwards.
Path B – Liquidity Grab 🔸
Price breaks above the 200-day SMA and SR zone.
Pushes higher towards the next resistance at 65 (38.2% Fib level).
Expected to be a fakeout/liquidity grab before a heavy bearish drop.
📅 Market Movers to Watch Tomorrow:
⚖️ Personally, I lean strongly towards Path A (bearish rejection🔻), but I’ll be waiting for confirmation before entering. News tomorrow will be the key catalyst.
💬 What’s your outlook? Share your thoughts in the comments.
USOIL Oil Trade AnalysisUSOIL is currently trading at a critical resistance zone around $64.200. With no strong fundamentals to back the current bullish momentum, this move looks short-lived given the broader macroeconomic outlook (as discussed in our last WMA session).🔀 Two key paths ahead:
Path A – Bearish Rejection🔻(Most Probable)
Price faces rejection at current SR zone.
Confluence with the 200-day SMA, which has acted as strong resistance for some time.
Likely scenario: sharp retracement downwards.
Path B – Liquidity Grab 🔸
Price breaks above the 200-day SMA and SR zone.
Pushes higher towards the next resistance at 65 (38.2% Fib level).
Expected to be a fakeout/liquidity grab before a heavy bearish drop.
📅 Market Movers to Watch Tomorrow:
- FOMC Statement
- USOil Inventory Report
- Fed Rate Cut Decision
⚖️ Personally, I lean strongly towards Path A (bearish rejection🔻), but I’ll be waiting for confirmation before entering. News tomorrow will be the key catalyst.
💬 What’s your outlook? Share your thoughts in the comments.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.