US Oil: Potential Bullish Continuation


Published On: 15 April 2024, 9:50 AM | Jun Yuan Kwong, Dealer

Key Entry Price Pivot(s):
  • $79.40
Recommended Trade:
  • Long at level $79.40
  • Take profit at $84.50
  • Stop loss at $76.50
Alternative Case:
  • Short at level $76.40
  • Take profit at $75.40
  • Stop loss at $77.40
Remarks:
  • Looking at the daily chart of the US Oil, we can see that the price is in an uptrend channel.
  • Currently, the price is rejecting the resistance of the channel, and we may see the price extending towards the support of the channel and towards the 20 EMA & 50 EMA.
  • We can potentially look for a long trade when it hits the support of the channel and the 50 EMA with a confluence of a bullish bar.