Chart: OIL At Key Support

USOIL saw a quick jump on Friday, as the dollar falls, only to fall again by the time the market closed. The main theme here is that the market is still digesting Trump’s announcement on tariffs and over all trade war concerns, on how that will affect the demand for oil in the coming months. There is also a concern regarding over supply. This is evident by the fact that the US drillers cut 5 oil rigs, the most since march. While bullish news include the lower then expected August oil exports from Saudi Arabia.


OIL Buy Opportunity As Price Still At Support by EmpowerTrader on TradingView.com

Strategy: 

Scenario One ( Bullish Rebound): Price consolidate at first key support, followed by a rebound

Scenario Two ( Bearish Breakout, Bullish Rebound): Price breaks first support, only to rebound to the upside.

Scenario Three (Double Bearish Breakout): Price falls below both key support, potentially entering into a new trend.

 

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