After analyzing
USOIL
I have mapped out some possible outcomes in the coming weeks.
One outcome is a breakout above the daily resistance. A close above the $55.20 level would confirm the breakout and my target would be at the $58 level.
Another outcome would be a breakdown and backtest of the support level at $52, a close below $54 would lead to further downside and send us to our target level.
I can see both scenarios playing out, however I lean more towards us falling back to the support level of $52 before continuing higher.
USOIL
I have mapped out some possible outcomes in the coming weeks. One outcome is a breakout above the daily resistance. A close above the $55.20 level would confirm the breakout and my target would be at the $58 level.
Another outcome would be a breakdown and backtest of the support level at $52, a close below $54 would lead to further downside and send us to our target level.
I can see both scenarios playing out, however I lean more towards us falling back to the support level of $52 before continuing higher.