Why $37 and $39 Are The Most Important Levels on USOIL Right Now

In this idea I will walk you through the two horizontal zones that you should probably add to your chart as well on USOIL. I will keep it short and simple so everyone will be able to understand it and benefit from this information. Most of the information should be easy to grasp by simply looking at the chart.

The first horizontal zone that we focus on is the support zone. This one is incredibly important for USOIL as it got confirmed on 7 occasions. There is no coincidence that it corresponds to a round number on the psychological $37 level.

The next horizontal zone that is important is the resistance zone. In the past it has also acted mostly as resistance and has also been very important on USOIL. More info can be found on the chart.

Since the current price is right in the middle of these two important zones, I suggest to not open any position right away. Wait for the market to open and show direction first before entering.

Wait until the price hits either of the zones and enter a position betting on the confirmation of the zone resulting in a bounce.

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- Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!