I'm bearish on USOIL. Despite hitting 69.555 today, the 70.000 resistance has repeatedly held firm.
Global economic slowdown weakens oil demand, while OPEC's growing production plans may lead to oversupply. With a strong dollar adding downward pressure, USOIL is likely to decline.
๐๐๐ USOIL ๐๐๐
๐ Sell@68.500 - 69.000
๐ TP 67.000 - 66.300
The market has been extremely volatile lately. If you can't figure out the market's direction, you'll only be a cash dispenser for others. If you also want to succeed๏ผFollow the link below to get my daily strategy updates
Global economic slowdown weakens oil demand, while OPEC's growing production plans may lead to oversupply. With a strong dollar adding downward pressure, USOIL is likely to decline.
๐๐๐ USOIL ๐๐๐
๐ Sell@68.500 - 69.000
๐ TP 67.000 - 66.300
The market has been extremely volatile lately. If you can't figure out the market's direction, you'll only be a cash dispenser for others. If you also want to succeed๏ผFollow the link below to get my daily strategy updates
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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.