The chart on USOIL presents a compelling technical setup that blends structure, behavioral dynamics. The core technical analysis here lies in this support zone that is well-defined area that has been tested multiple times and consistently held, suggesting strong demand.
The narrative structure is one of rebound. Every time price approaches the support zone, the reaction is not only immediate but also structured, price responds with conviction.
So I am recognizing the strength of the reaction and forecasting an upward move to the 68.50 level.
The target at 68.50 is achievable, acting as both a profit objective and a psychological level, round enough to attract attention and previously strong enough to cause a drop. If momentum sustains, a breakout from there would depend on volume confirmation and structure shifts, but for now, the play back into that range makes sense and respects both the chart’s geometry and price action logic.
Not reacting to noise, but to repeatable high-probability zones.
The narrative structure is one of rebound. Every time price approaches the support zone, the reaction is not only immediate but also structured, price responds with conviction.
So I am recognizing the strength of the reaction and forecasting an upward move to the 68.50 level.
The target at 68.50 is achievable, acting as both a profit objective and a psychological level, round enough to attract attention and previously strong enough to cause a drop. If momentum sustains, a breakout from there would depend on volume confirmation and structure shifts, but for now, the play back into that range makes sense and respects both the chart’s geometry and price action logic.
Not reacting to noise, but to repeatable high-probability zones.
Order cancelled
USOIL has broken below this significant support level with strength, and it could continue more
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.