Crude Oil (USOIL) is forming a potential bullish reversal structure on the 1H timeframe, supported by repeated bounces from a well-respected demand zone. Price currently consolidates below the key resistance level with a visible expanding channel, hinting at possible volatility and breakout.
🔹 Trade Idea:
I’m waiting for a clear break and close above 66.50 for a valid long entry. The setup remains invalid unless price confirms this breakout.
🔹 Technical Highlights:
- Strong demand zone held price multiple times
- Formation of higher impulses with retracements aligning well with Fibonacci levels
- Market structure suggests a continuation toward upper targets if 66.50 is broken with momentum
🔹 Trade Plan:
- Buy Above: 66.50 (breakout confirmation)
- Stop Loss: 64.40 (below demand zone and structure support)
- Target: 69.00 (near 2.272 Fibonacci extension)
⚠️ Note: No entry unless 66.50 is broken convincingly. Setup favors disciplined execution only on confirmation.
🔹 Trade Idea:
I’m waiting for a clear break and close above 66.50 for a valid long entry. The setup remains invalid unless price confirms this breakout.
🔹 Technical Highlights:
- Strong demand zone held price multiple times
- Formation of higher impulses with retracements aligning well with Fibonacci levels
- Market structure suggests a continuation toward upper targets if 66.50 is broken with momentum
🔹 Trade Plan:
- Buy Above: 66.50 (breakout confirmation)
- Stop Loss: 64.40 (below demand zone and structure support)
- Target: 69.00 (near 2.272 Fibonacci extension)
⚠️ Note: No entry unless 66.50 is broken convincingly. Setup favors disciplined execution only on confirmation.
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.
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.