Before July, USOIL was seen moving in the consolidation channel area which tends to be bullish . in July, USOIL sentiment will tend to be bearish .
The Organization of the Petroleum Exporting Countries (OPEC) member states announced plans to adjust oil production upward in July by 0.648 million barrels per day.
In my view Oil prices are bearish but still not stable. Moderate bearish confirmation has not occurred, because the price has not yet breakout below the support area.
So I will place a buy limit near the support area, with the target not exceeding the weekly resistance which is drawn in the red area.
stop loss as well as sellstop below the support area.
The Organization of the Petroleum Exporting Countries (OPEC) member states announced plans to adjust oil production upward in July by 0.648 million barrels per day.
In my view Oil prices are bearish but still not stable. Moderate bearish confirmation has not occurred, because the price has not yet breakout below the support area.
So I will place a buy limit near the support area, with the target not exceeding the weekly resistance which is drawn in the red area.
stop loss as well as sellstop below the support area.
