Here's a longer term outlook on USOIL with potential supply and demand areas. For now, oil is seemingly set to test the overhead supply area highlighted with fib horizontal levels and sloping-down angle lines. Depending on the reaction upon meeting these levels, the lower demand areas might come into play. Looking to add to short risk exposure for another bullish push before meeting resistance, where some short risk exposure reduction by the institionals is expected.
Note
Around demand area hereTrade active
In long @ 5497 with a 70 tick stopTrade closed: target reached
338 ticks booked @ 5835, a 4.8R return on this long entry.
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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.