USOIL has been very bullish as an effect of the ongoing war between Russia and Ukraine.
Oil has presented a double bottom setup which could lead to a continuation, this analysis is linked below.
Currently, there are two possible movements I am expecting, marked up on the chart above.
There are a lot of buyers hanging around the 100.00 price level, and if price breaks below this level I do believe we will see oil tumble and bleed.
Price breaking the 100.00 price level would also confirm the head & shoulders, giving even stronger confluence.
A falling wedge is our bullish setup and I will be looking for long entries once bullish market structure starts to form on the 1H chart.
As the market moves I will update on my views so make sure you follow to get the latest updates.
USOIL
Oil has presented a double bottom setup which could lead to a continuation, this analysis is linked below.
Currently, there are two possible movements I am expecting, marked up on the chart above.
There are a lot of buyers hanging around the 100.00 price level, and if price breaks below this level I do believe we will see oil tumble and bleed.
Price breaking the 100.00 price level would also confirm the head & shoulders, giving even stronger confluence.
A falling wedge is our bullish setup and I will be looking for long entries once bullish market structure starts to form on the 1H chart.
As the market moves I will update on my views so make sure you follow to get the latest updates.
USOIL
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