0506-0511 USOIL Weekly Outlook
Hello traders,
USOIL has been bearish since early of April.
It got one week correction and turn down to drop hardly again last week.
On the left weekly chart, last week Strong bearish candle cross EMAS down to a new low. This is a weekly bearish signal for us.
On the right 4H chart, seems like it stops dropping by reaching FIBO EXT 1.27-1.414 support zone.
This could be a sign for sideways price action like what I marked out on the chart.
Price could turn down to a new low after this price action unless war in the earth happen soon in this week.
GOOD LUCK ON THIS WEEKLY OUTLOOK.
LESS IS MORE!
USOIL has been bearish since early of April.
It got one week correction and turn down to drop hardly again last week.
On the left weekly chart, last week Strong bearish candle cross EMAS down to a new low. This is a weekly bearish signal for us.
On the right 4H chart, seems like it stops dropping by reaching FIBO EXT 1.27-1.414 support zone.
This could be a sign for sideways price action like what I marked out on the chart.
Price could turn down to a new low after this price action unless war in the earth happen soon in this week.
GOOD LUCK ON THIS WEEKLY OUTLOOK.
LESS IS MORE!
Checking for the support on FIBO EXT 1.618 zone.