USOil: Long opportunity- Ascending Channel!
-Very good opportunity to buy Oil now as there is a strong bullish candle confirmation on the support of the ascending channel.
-I am hoping that Oil will reach TP around 40.14 which is around the level where the supply zone is.
-Once Oil reaches the supply zone, if there is still strong bullish momentum then i would wait for a retest of the supply turned demand zone.
-Once it has retraced then look for another buy opportunity on Oil.
-The 50EMA shows that price is bouncing from it and is acting as support which indicates thats price will react to the bounce of the ema and the bulls will take control.
-I am hoping that Oil will reach TP around 40.14 which is around the level where the supply zone is.
-Once Oil reaches the supply zone, if there is still strong bullish momentum then i would wait for a retest of the supply turned demand zone.
-Once it has retraced then look for another buy opportunity on Oil.
-The 50EMA shows that price is bouncing from it and is acting as support which indicates thats price will react to the bounce of the ema and the bulls will take control.
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