USOIL (WTI) Retests Trendline After Breakout
Login

USOIL (WTI) Retests Trendline After Breakout

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

USOil Breaks Out and Retests Key Level

The USOil market recently delivered an impressive, impulsive move, breaking out of its bearish channel in September. The test of the bearish order block at 78.00 triggered an influx of sellers, leading to significant short positions in the market. Following this breakout, USOil retraced to the swing low at 71.610 for a retest.


USOil Key Zones

Supply Zones: 72.900, 80.100, 84.890
Demand Zones: 65.650, 63.610, 60.000

USOIL (WTI) Retests Trendline After Breakout USOIL Long-term Trend: Bearish

USOil’s bearish trend remains intact, with the recent break of structure below the swing low at 71.610 reinforcing the downtrend. However, the price decline paused as the Stochastic indicator revealed oversold market conditions, prompting the formation of a swing low at 65.650, followed by a bullish retracement.

An unmitigated bearish order block rests at 72.910. Just below this order block, a fair value gap exists on the daily chart, representing market inefficiency. The bullish retracement currently targets this gap to restore market balance, with sellers preparing for action as the Stochastic indicator nears the overbought zone.

USOIL (WTI) Retests Trendline After Breakout USOIL Short-term Trend: Bullish

Although the higher time frame trend is bearish, the 4-hour chart presents a bullish short-term trend. For optimal trade entries, traders should use forex signals that wait for a realignment of both trends. A Change of Character (ChoCh) near the higher timeframe’s bearish order block at 72.910 would provide a strong signal for short positions, targeting the previous swing low at 65.650.

Make money without lifting your fingers: Start using a world-class auto trading solution 

How To Buy Lucky Block

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News