USOIL, Resistance becomes support?

١٨ أبريل

USOIL / 1D

Hello traders, welcome back to another market breakdown.

Crude Oil traded lower earlier in the week after a small pullback bear trend.

The bears got 3 pushes down, forming a wedge pattern.
They want a retest of the June or May lows, followed by a breakout below.

The bulls see the current move down simply as a bear leg within a trading range.
They want a reversal from a wedge bull flag (Oct 6, Nov 16, and Dec 13) and a higher low major trend reversal. They hope to get a retest of the September high.

Crude Oil remains in a 71-week trading range. Traders will Buy Low and sell High in trading ranges until there is a breakout with sustained follow-through buying/selling.

At the moment, the market is trading near resistance, traders should wait for the next pull-back and look for buys.

Trade safely,
Trader Leo