OIL 9.55% jump was expected from August high level

26 nov 2020

USOIL
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⏳4 Hour chart
🎲 Possible entry analysis
⛳️ Possible bull/bear target
📚Educational

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Detailed analysis 💬

1️⃣ Positive vaccine hope-major boost in energy demand
2️⃣ Demand driven recent upward rally
3️⃣ Break and retest happens around 40.00 ( Psychological level )
4️⃣ 44.00 Upper side resistance - Minor Key reversal area
5️⃣ Successful move out of the ranging territory
6️⃣ August high - 43.79 immediate support for bull
7️⃣ Technical support - Bull
8️⃣ 48.00 will acted as key reversal-bearish
9️⃣ June, September, October months low's forming a lower side trend line
🔟 Possible swing target-48.00 Key reversal area
*️⃣ Reverse Parabolic move-Slowing of the momentum
#️⃣ Overall trend - bullish

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📉 Technical bias-H4-Bullish

Price is above 50,100,200 Exponential moving average
50 Exponential moving average will act as support-Bull
Ichimoku cloud -cloud is still green -Cloud supporting the bullish trend
Bollinger band- Price reached around the upper side of the band and middle band is acting as bullish support
Relative strength index - Reached around 50 neutral area 50- Will act as support for bullish trend
MACD -Turned red and fell below the signal line ,oscillators are crossed and pointing downwards
Stochastic - Reached around 60- Oscillators are converging pointing downwards short term fall back expected


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Key reversal area's

44.00 Psychological level/Dynamic support & Resistance
43.79 August month high
48.00 Key reversal area/psychological level
41.86 October month high
4.39 September month high
43.00 Major psychological level
38.00 POC area
43.79 Support level/Possible entry- Bull
48.00 Psychological level/Alternative bearish entry

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Bullish entry #oil #usoil

Entry price - 43.80

Take profit 01 - 45.00
Take profit 02 - 46.20
Take profit 03 - 48.00

🚫 Stop lose 42.30

⬆️ 9.59% Growth expected
⤴️ Account growth 2.05: 9.59
✅ Risk reward ratio 1 : 4.7

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