USOIL TRADE IDEA Long (31/10/2023)
On the weekly timeframe, USOIL has already reversed into a buy, breaking significant structures. I believe it'll keep seeking out buys.
The daily time frame confirms that too - with current weakness showing in order to gather liquidity to complete the long move.
In terms of where it'll react from - that depends on the structure it breaks. If it breaks (Likely and best situation) POI 1, then expect it to return to POI 2 and to react off of there.
I expect price to return to POI 2 because using the Fib tool, you shouldn't be looking for trades at 50%, rather around 60-75% or the inverse 0-25/35%.
Target profit 1: 93.75
Target profit 2: 101 [FINAL]
NOTE: This is not financial advice, please do your own research and be aware that any risks are being taken solely by you, the individual.
The daily time frame confirms that too - with current weakness showing in order to gather liquidity to complete the long move.
In terms of where it'll react from - that depends on the structure it breaks. If it breaks (Likely and best situation) POI 1, then expect it to return to POI 2 and to react off of there.
I expect price to return to POI 2 because using the Fib tool, you shouldn't be looking for trades at 50%, rather around 60-75% or the inverse 0-25/35%.
Target profit 1: 93.75
Target profit 2: 101 [FINAL]
NOTE: This is not financial advice, please do your own research and be aware that any risks are being taken solely by you, the individual.
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