USOIL (23/03/22) - Active Performance
1. Prices are still active above the VWAP (white curve) in the uptrend direction and successfully break the first said target @ 50% level and exceeded $113.19. The major direction is upwards above the median line of linear regression channel. This median line gives a support against back retracements.
2. To continue up-trending prices will find medium resistance from trend line (dashed white) and the upper limit of major resistance (red) zone below 115.8x limit.
3. The objective of bulls is to pass the resistance zone and complete their pathway to hit the next target 61.8% level and achieve 117.8x.
4. As a selling sign the SMA20 has intersected with SMA50 below the VWAP. Some traders may use this sign due to their low confidence of the market and others will depend on the VWAP curve as a good supporting line and trust that prices will retrace back to complete the uptrend direction again.
5. Noticing the volume chart, a formation of medium red column (falling sign) @ 12.52K as well as the appearing of red candle during this session confirm low confidence short traders idea about back retracing of prices below the trend line and may sell at that point. In general, they must have some patience before selling decision at least 15 min before closing the 1hr frame.
6. At the moment, prices are getting support @ 109.5x and resistant @ 114.7x.
Tools used for analysis are Fib pattern, BB indicator, volume, VWAP, and MA ribbon.
2. To continue up-trending prices will find medium resistance from trend line (dashed white) and the upper limit of major resistance (red) zone below 115.8x limit.
3. The objective of bulls is to pass the resistance zone and complete their pathway to hit the next target 61.8% level and achieve 117.8x.
4. As a selling sign the SMA20 has intersected with SMA50 below the VWAP. Some traders may use this sign due to their low confidence of the market and others will depend on the VWAP curve as a good supporting line and trust that prices will retrace back to complete the uptrend direction again.
5. Noticing the volume chart, a formation of medium red column (falling sign) @ 12.52K as well as the appearing of red candle during this session confirm low confidence short traders idea about back retracing of prices below the trend line and may sell at that point. In general, they must have some patience before selling decision at least 15 min before closing the 1hr frame.
6. At the moment, prices are getting support @ 109.5x and resistant @ 114.7x.
Tools used for analysis are Fib pattern, BB indicator, volume, VWAP, and MA ribbon.
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