USOIL WTI is forming an uptrend channel after breaking out of the bigger timeframe bearish channel.
USOIL seemed bearish after falling from 73.0USD till 69.5USD, but it found support at the daily 50 EMA/SMA and the daily 100 SMA and held 70.0USD. USOIL bouncing from this level also confirms the channel by now having two bounces off the lower rising trendline.
We are now close to the middle of the channel - not giving us a lot of directional signals - but keep an eye out on the higher and lower price levels formed by the channel.
USOIL seemed bearish after falling from 73.0USD till 69.5USD, but it found support at the daily 50 EMA/SMA and the daily 100 SMA and held 70.0USD. USOIL bouncing from this level also confirms the channel by now having two bounces off the lower rising trendline.
We are now close to the middle of the channel - not giving us a lot of directional signals - but keep an eye out on the higher and lower price levels formed by the channel.