USOIL Testing Resistance Level of the Channel
Trade Background:
Oil has managed to once again move back to the topside of the bullish channel. The move to the highest level in 3 months comes as the stock market across the globe breaks all time high. Look for a potential bearish reversal, especially with the up coming EIA US crude oil inventory data coming out later today.
Trade Idea:
Entry: 60.50 - 61.00
Stop loss: 62.00
Oil has managed to once again move back to the topside of the bullish channel. The move to the highest level in 3 months comes as the stock market across the globe breaks all time high. Look for a potential bearish reversal, especially with the up coming EIA US crude oil inventory data coming out later today.
Trade Idea:
Entry: 60.50 - 61.00
Stop loss: 62.00