USOIL Short Forecast 06/18
USOIL Price skyrocketed w/ the release of OPEC+ news as members make new plans to meet their production-cut targets as they have previously failed to meet last month.
We can see that historically, the price of Oil broke out of it's overall downtrend towards the end of April (Starting from April 28th) w/ price reaching a Key Support Level around 10.22 area & then forming a Double Bottom on the 4H Time Frame. This was an excellent opportunity to buy and hold, or look for other long opportunities to swing long positions.
We can now see, that since June 7th, price broke out of this uptrend and began making a series of LH's/LL's on the 4H TF. On June 11th, price broke below a strong support level around approx. 37.11 area and fell roughly 7% until June 15th where price rejected another key level of support. Price is now ranging above 37.11 Support Zone and has reached a key Resistance Level just below 39.00 w/ a few wick rejections on the H1 chart. We are predicting that price may need to come back down to retest support before making new highs and breaking resistance.
Entry: 38.71 & 38.84 (Small position size)
S/L: 39.04 / 39.31
T/P: 37.90 / 37.11
R:R - 1:2.5 Roughly
If you liked this idea, please give us a thumbs up! Constructive criticism welcomed.
We can see that historically, the price of Oil broke out of it's overall downtrend towards the end of April (Starting from April 28th) w/ price reaching a Key Support Level around 10.22 area & then forming a Double Bottom on the 4H Time Frame. This was an excellent opportunity to buy and hold, or look for other long opportunities to swing long positions.
We can now see, that since June 7th, price broke out of this uptrend and began making a series of LH's/LL's on the 4H TF. On June 11th, price broke below a strong support level around approx. 37.11 area and fell roughly 7% until June 15th where price rejected another key level of support. Price is now ranging above 37.11 Support Zone and has reached a key Resistance Level just below 39.00 w/ a few wick rejections on the H1 chart. We are predicting that price may need to come back down to retest support before making new highs and breaking resistance.
Entry: 38.71 & 38.84 (Small position size)
S/L: 39.04 / 39.31
T/P: 37.90 / 37.11
R:R - 1:2.5 Roughly
If you liked this idea, please give us a thumbs up! Constructive criticism welcomed.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.