USOIL - Saudi oil attack, Ascending triangle backdrop
Prices are currently being supported at the Ascending Triangle support line and 38.2% Fib retracement lvl, suggesting a temporary halt in bearish momentum following Wed's dip from possible easing of US-Iran sanctions and negative IEA oil outlook. The recent Saudi oil supply disruption is expected to uplift prices from current support to the triangle resistance. On the technicals, past prices since early Aug 19 has always respected the triangle support and rebounded after a short consolidation. Coupled with current oversold RSI levels, the probability of a bullish move is high.
Trade: T/P level set at 58.6% fib ret level. If prices managed to break above this level, continue the trade with trailing S/L.
Trade: T/P level set at 58.6% fib ret level. If prices managed to break above this level, continue the trade with trailing S/L.
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