USOil has again revisited the contraction zone which has proved to be a resistance again.....as per the wave structure, bias is toward the downside.....and the RR seems to be in favor.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (56.22). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USOIL is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
Disclaimer My assumption is just for education purpose
Consult your financial analyst before taking any investment related decision.
From Last few Trading Sessions 57 58 was acting as a resistance level for crude
crude can show some bulllish retracement and bears can trap the bulls and push them further down to complete ABCD pattern
ABCD chart Pattern...
Disclaimer My assumption is just for education purpose
Consult your financial analyst before taking any investment related decision.
Crude Is trading In a small Range break out on any side can give u a short term rally
