USOIL is Trading Near Resistance!
By Deya Hroob
This trade set up is based on daily chart.
USOIL has been trading in uptrend for two months. If you look at the chart, you can see clearly that 20-day EMA has proved to be a good support OIL. The price has rebounded from it many times before.
On the contrary, 200-day EMA is the big resistance now, USOIL has to handle this resistance in order to see further gains. A breakout of the 200-day EMA will signal strength and is likely to attract further buying, resulting in a move to 43.50.
However, if Oil turns down from the resistance, a drop to the 20-day EMA and the uptrend Line is expected.
Trade Wise and Good Luck!
This trade set up is based on daily chart.
USOIL has been trading in uptrend for two months. If you look at the chart, you can see clearly that 20-day EMA has proved to be a good support OIL. The price has rebounded from it many times before.
On the contrary, 200-day EMA is the big resistance now, USOIL has to handle this resistance in order to see further gains. A breakout of the 200-day EMA will signal strength and is likely to attract further buying, resulting in a move to 43.50.
However, if Oil turns down from the resistance, a drop to the 20-day EMA and the uptrend Line is expected.
Trade Wise and Good Luck!
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