USOIL looking out to break the strong resistance of 51.65 level. Once if the price break the 51.65 level the further uptrend may come upto 61.15 level.
It's a short term recommendation.
Buy above = 51.70
Target 1 = 56.60
Target 2 = 61.05
Stop Loss = 45.00
Total Reward Points = 9.35
Risk Points = 6.7
CL1 watchout again, yesterday from 47.80 it made 49.20 till now and came back now again to that level @47.80. Now what?
Now as CL1 is giving a negative breakout so if it breaks 47.70 then we can see a downfall upto 47.45/47.10, on the upside it should not break 47.90
CL1! has been trading in rising channel pattern. The prices have tested the lower band and moving northwards. The minor hurdle (black dashed line) at $46.50 if cleared by Bulls (on closing), we might head towards $54-58.
Greetings oil traders,
As you can see from the chart which is in weekly time frame, the move (INTERIM rally) is just a correction for the down trend; say for the super cycle wave (Y)
Therefore, we sure say that the current move is merely a retracement for the Super cycle wave (Y)
and the initial move (X) has been stagnated...