Will USOIL survive its latest rebound?
“USOIL rejoice as OPEC+ and China provides positive sentiment towards exhausted market bulls.”
USOIL stages its rebound during European trading session, celebrating over an array of positive news in the market. According to reports, OPEC+ may not alter their daily production level in the upcoming meeting, a sign of relief for oil bulls. On the other hand, China has recorded a downtrend in coronavirus cases, signaling possible loosening in lockdown restrictions.
Quick recap on USOIL
Recent price action shows significant buying support from the downside, a stronghold was established near 76.17.
USOIL Weekly Technical Analysis
From daily perspective, overall bearish momentum continues to diminish as bulls charges forward.
USOIL Daily Technical Analysis
From daily perspective, recent formation of doji candlestick suggests an extension towards the upside and a possible retest at 82.96.
Trading Idea
ORDER: BUY STOP
ENTRY: 84
STOP LOSS: 82
Target 1: 87
Target 2: 89
ZFX Analyst’s Comment
Its recent price action warrants for a short exploration at the upside. Thus, a closure above nearest resistance level may eventually extend the course for oil bulls.
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