0222-USOIL Analysis

USOIL
It is the critical day for oil to decide whether breakout the resistance to create new high or not.

Obviously, oil price pullback slowly and being shakeout all the US market till now. Market need motivation to decide the trend which keep rising or more correction, therefore using time to waiting the news or trend line support.

So, we shouldn't execute strategy so quick, just waiting the candlestick to approach the trend line and then long it for expecting USOIL will rise to challenge resistance.

If US trading time can show more momentum to push up new high, then oil will be maintain a great pattern to rising more to $58.

In the other way, oil can't successfully break resistance at 57.50, then it will be either time correction or price correction would happened.

Like if you trade, make Ideas or comments with me :D