Crude Oil: Price Action Tips for Big Gains

USOIL AlexGoldHyunter Technical Analysis Using Price Action Techniques
Key Levels and Structures
Support and Resistance Levels:

Resistance: Around 71.00 (marked by the red dashed line and "Equal Highs").

Support: Around 68.75 (marked by the green line labeled "Swing Low").

Fibonacci Retracement Levels:

0.382: 70.50904

0.618: 69.27906

0.786: 69.58792

Break of Structure (BOS):

Multiple BOS annotations indicate significant price movements breaking previous highs or lows.

Change of Character (CHoCH):

Indicates a potential reversal or shift in market sentiment.

Indicators
Moving Averages:

The chart includes two moving averages (red and blue lines), which can be used to identify trends and potential entry/exit points.

Volume:

Volume bars at the bottom indicate the trading activity, which can confirm the strength of price movements.

Relative Strength Index (RSI):

The RSI indicator shows overbought or oversold conditions, which can be used to time entries and exits.

MACD:

The MACD indicator at the bottom shows momentum and potential trend reversals.

Buy Strategy
Entry:

Look for a bullish CHoCH or BOS above a significant resistance level (e.g., 71.00).

Confirm with increasing volume and a bullish crossover in the MACD.

RSI should be above 50 but not in the overbought zone.

Stop-Loss:

Place a stop-loss below the recent swing low or a significant support level (e.g., 68.75).

Take-Profit:

Use Fibonacci extension levels or previous resistance levels to set take-profit targets.

Sell Strategy
Entry:

Look for a bearish CHoCH or BOS below a significant support level (e.g., 68.75).

Confirm with increasing volume and a bearish crossover in the MACD.

RSI should be below 50 but not in the oversold zone.

Stop-Loss:

Place a stop-loss above the recent swing high or a significant resistance level (e.g., 71.00).

Take-Profit:

Use Fibonacci retracement levels or previous support levels to set take-profit targets.

By using these price action techniques and indicators, traders can develop a structured buy and sell strategy for trading CFDs on WTI Crude Oil. Happy trading! 📈📉
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