USOIL Near a long term support. Optimal Buy.
USOIL is on a strong decline following the January 08 high, below both the MA50/200.
Levels to watch:
- The Resistance is at 66.60 while the Support at 50.55.
- The RSI has hit the 6 month support level.
- The Golden Cross late in December marked the top.
Projection:
- The 50.55 - 51.90 Zone has provided support and a buy level since June 2019. The pattern (both candles and RSI) is similar to May - June with the Golden Cross preceding the decline to the Support. We are therefore expecting a strong rebound on the support zone with an initial target the 1D MA50.
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Levels to watch:
- The Resistance is at 66.60 while the Support at 50.55.
- The RSI has hit the 6 month support level.
- The Golden Cross late in December marked the top.
Projection:
- The 50.55 - 51.90 Zone has provided support and a buy level since June 2019. The pattern (both candles and RSI) is similar to May - June with the Golden Cross preceding the decline to the Support. We are therefore expecting a strong rebound on the support zone with an initial target the 1D MA50.
If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.