USOIL has been seeing incredible strength after its 26.01 lows earlier this year. It does not show much sign of slowing down and thus it is important to identify possible positions of resistance to its long trend.
From the chart I have illustrated 3 levels which are likely to prove some strong resistance. The thicker the line the strong the resistance at each level is.
Ignoring the 50.46 level, we should identify 53.28 level as being composed of a strong horizontal resistance + 0.764 fib level. Thus it qualifies as a strong resistance. Breaking this could be a very strong BULLISH sign.
The next major level is 61.53. Breaking this level could likely lead to restoration of previous year USOIL prices of around 100.
Safe and successful trading
From the chart I have illustrated 3 levels which are likely to prove some strong resistance. The thicker the line the strong the resistance at each level is.
Ignoring the 50.46 level, we should identify 53.28 level as being composed of a strong horizontal resistance + 0.764 fib level. Thus it qualifies as a strong resistance. Breaking this could be a very strong BULLISH sign.
The next major level is 61.53. Breaking this level could likely lead to restoration of previous year USOIL prices of around 100.
Safe and successful trading
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OPEC meeting tomorrow! Watch out for major moves
