USOIL - Another Rejection At 123, Reversal Confirmed?
Hi Traders. In the previous Oil analysis, i talked about potential Bearish reversal as price is showing signs of exhaustions.
However, price again went to re-visit the high at 123, and now it's further rejecting that area.
To confirm the Bearish reversal scenario, we'll need to observe further for different confirmations like;
1. Trendline break - Make sure the breakdown is significant, so you don't get involved into poor market condition
2. Break below minor support structure like 117 and 115
3. Wait for Bearish momentum to kick in, then you look for continuation setups
If you enjoy the content, make sure you follow my profile and click the like button.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
However, price again went to re-visit the high at 123, and now it's further rejecting that area.
To confirm the Bearish reversal scenario, we'll need to observe further for different confirmations like;
1. Trendline break - Make sure the breakdown is significant, so you don't get involved into poor market condition
2. Break below minor support structure like 117 and 115
3. Wait for Bearish momentum to kick in, then you look for continuation setups
If you enjoy the content, make sure you follow my profile and click the like button.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
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