USOIL is currently trading within a descending triangle formation which is a bearish indicator. In this case, it is ideal to trade the break to the downside, as opposed to a symmetrical triangle which has two implications.
Key support of the triangle lies at $43.75 and in the case price breaks to the downside, price may likely push down further and targets lie at $38 - $39.
A break to the upside will result in an invalidation and will be reconfirmed in this case.
Stop losses will be placed at the previous swing high from the entry which will further be confirmed.
Key support of the triangle lies at $43.75 and in the case price breaks to the downside, price may likely push down further and targets lie at $38 - $39.
A break to the upside will result in an invalidation and will be reconfirmed in this case.
Stop losses will be placed at the previous swing high from the entry which will further be confirmed.
