Hi Traders!
We have strong resistance around the 73.95 level here on USOIL as we have not been above the 74.00 price barrier since the beginning of May 2023.
The price action on the chart tells us that the market wants to go there. We have had numerous attempts to break the 74.00 barrier. We also have swings from the range with higher highs and higher lows.
If we do not break and close above the 73.95 pivot, we are likely to head back into the range. However, if we do break and close above 73.95, we need to see how the market reacts to the 74.00 level. Further to the upside, we have another pivot level at 76.88, which is just before the psychological 77.00 level.
This is a great risk to reward setup as you can either trade the range with a small stop just above either the price pivot or just above the 74.00 level, or you can wait for a possible momentum breakout with confirmation of a pivot retest.
Please do not forget to like, comment and follow, we would love to hear your thoughts!
Thank you for your support.
BluetonaFX
We have strong resistance around the 73.95 level here on USOIL as we have not been above the 74.00 price barrier since the beginning of May 2023.
The price action on the chart tells us that the market wants to go there. We have had numerous attempts to break the 74.00 barrier. We also have swings from the range with higher highs and higher lows.
If we do not break and close above the 73.95 pivot, we are likely to head back into the range. However, if we do break and close above 73.95, we need to see how the market reacts to the 74.00 level. Further to the upside, we have another pivot level at 76.88, which is just before the psychological 77.00 level.
This is a great risk to reward setup as you can either trade the range with a small stop just above either the price pivot or just above the 74.00 level, or you can wait for a possible momentum breakout with confirmation of a pivot retest.
Please do not forget to like, comment and follow, we would love to hear your thoughts!
Thank you for your support.
BluetonaFX
73.95 Pivot broken and went as high as 74.69 before a big selloff and we are now back around the 72.33 level.
This tell us that the market wants to be back in the consolidation range and for the time being, the market is undecided on a clear direction.
BluetonaFX