USOIL Testing Resistance Level of the Channel

Trade Background:

Oil has managed to once again move back to the topside of the bullish channel . The move to the highest level in 3 months comes as the stock market across the globe breaks all time high. Look for a potential bearish reversal, especially with the up coming EIA US crude oil inventory data coming out later today.

Chart:

Trade Idea:

Entry: 60.50 – 61.00
Stop loss: 62.00

Trader’s Positioning:

XM Broker: High Speculative Appetite

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