Usoil sell after retracement?!
My overall prediction is still sell. BUT I do expect some sort of retracement at least to 38.2 fib level (55.44) or possibly higher. Bears maybe trying to trap enough sellers before making a retracement so I am being patient waiting for a valid trade setup.
Price is currently consolidating around support zone 51.48 at the moment. BUT price is below middle bollinger band on the weekly time frame indicating strong resistance. So after a retracement I think price will continue the downside trend towards support zone 42.30
I will not be looking for long term buy opportunities until price breaks resistance 64.16 & shows bullish momentum. Just my thoughts.
Price is currently consolidating around support zone 51.48 at the moment. BUT price is below middle bollinger band on the weekly time frame indicating strong resistance. So after a retracement I think price will continue the downside trend towards support zone 42.30
I will not be looking for long term buy opportunities until price breaks resistance 64.16 & shows bullish momentum. Just my thoughts.
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