hello Everyone. I hope my analysis are useful to you. This time I want to analyse USOIL.
As you can see on the chart, First bearish move ended at 65 , then it retraced to 0.786 internal fibo retracement, After that it droped to 1.272 Fib extension.It was trying to pullback to FIb 0 , but it returned back to the internal fibo and climbed up to 0.618 internal fibo. Any rejection from 0.618Fib is a reversal signal. So we need to search for short signal.
A Wedge pattern has also formed which is bearish.
We need to wait for the price to close a 4H candle below 65.6 and take a short trade with the Targets mentioned on the chart.
This is both a Mid and Long Term Analysis. Set your TP according to your Trading Plan.
As you can see on the chart, First bearish move ended at 65 , then it retraced to 0.786 internal fibo retracement, After that it droped to 1.272 Fib extension.It was trying to pullback to FIb 0 , but it returned back to the internal fibo and climbed up to 0.618 internal fibo. Any rejection from 0.618Fib is a reversal signal. So we need to search for short signal.
A Wedge pattern has also formed which is bearish.
We need to wait for the price to close a 4H candle below 65.6 and take a short trade with the Targets mentioned on the chart.
This is both a Mid and Long Term Analysis. Set your TP according to your Trading Plan.