The 5%ers' Blog

Do You Think that The USOil Price will Reach The Demand At 45.00 Zones?

May 29, 2019 | 10:54 am | The 5%ers' Blog
May 29, 2019 | 10:54 am
The 5%ers' Blog

Price Action Analysis for USOIL Price

29/05/2019

In this 1D chart, we can see the USOIL price has developed a bearish momentum,

For the long term. it seems the price is on its way to reaching the demand at the bottom which is 45.00 zones.

In the 4H chart, we can see a great level to sell USOIL and join the bearish momentum.

That level is the supply above and that supply also breaks out the support from the left which indicates a powerful supply.

The first target will be the support below on the 1D chart,

And the final target will be the demand at the bottom.

This analysis is relevant to long term traders.

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