Analysis of the Current Structure on USOIL by ThinkingAntsOk
Use this as a guide to develop your setup.
Main items we can see on the 1H chart:
a)Price Couldnt Broke the primary ascending Structure, and it failed several times on the past (Weakness of the Bullish Movement)
b)On MACD we can see a Bearish Divergence (Weakness of the Bullish Movement)
c)Now we will wait for a Re-Test of the White trendline, and after that, we expect a bearish movement towards the next Minor Support Zone
d)Only look for short trades if the Re test happens
e)Our conclusion on this structure is that the price will break it down, starting a new bearish movement of a Higher Degree
Main items we can see on the 1H chart:
a)Price Couldnt Broke the primary ascending Structure, and it failed several times on the past (Weakness of the Bullish Movement)
b)On MACD we can see a Bearish Divergence (Weakness of the Bullish Movement)
c)Now we will wait for a Re-Test of the White trendline, and after that, we expect a bearish movement towards the next Minor Support Zone
d)Only look for short trades if the Re test happens
e)Our conclusion on this structure is that the price will break it down, starting a new bearish movement of a Higher Degree
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