TVC Oil: USOIL by MR_gold2 — TradingView

First:
Overall Trend (Trend – H1)

🔽Overall trend: Bearish

🔽 Short-term trend: within the downward channel

🔼 Current intraday trend: rebounding from the bottom of the channel

Brief description of the situation:
Price at the bottom of a descending channel = perfect place to bounce rather than sell.

🟩Second:
technical analysis

✔ Oil prices hit the lower boundary of the downward channel

As you can see from the blue line below, it has hit the diagonal support exactly.

✔ Rebound from strong demand areas when:

57.80 – 58.00

This is an area of ​​historical demand.

✔ FVG price gap is higher than price:

• FVG is 58.90
• FVG is 59.60
• FVG is 60.40

The market tends to fill these gaps one by one.

✔ The seller’s power is obviously weak

Bearish candle in the real body begins to shorten = weak sell-off.

🟩Third:
Elliott wave analysis

It seems that the oil is more complete:

• Five point descending wave
• Now at the beginning of upwave 1
• If corrected, wave 2 will complete to 58.00
• Then strong rise in wave 3:

🎯 60.00 – 61.00

Polly:
📌 Buying is better than selling at this stage.

🟩Fourth:
Timing analysis

• RSI reaches 25 area and enters oversold
• Now rising
• Time support added for the next 4-7 hours
• No new bearish reversal signals

🟩Fifth:
Numerical Analysis (Fibonacci)

Judging from the last wave of decline:

• Price rebounded from Fibonacci 0.786 to 58.00
• First Upside Target = 0.382 59.30
• Second target = 0.5 (60.00)
• Third target = 0.618, 60.80

Numerical analysis is completely consistent with technical analysis.

🟩Sixth:
price action

Bullish signals:

• Hammer Candle
• Double bottom
• Bullish candles are larger than bearish candles
• Accumulation

🟩Seventh:
support and resistance levels

🟩
support

1 58.00
2 57.70
3 56.50 (outsole)

🟥
resistor

1 58.90
2 59.60
3 60.40
4 61.00 (max target)

🟩Eighth:
supply and demand zone

🟩Purchase area

• 57.70 – 58.00 (current rebound area)
• 56.50 (very strong demand)

🟥Sales area

• 58.90 – 59.20
• 60.00 – 61.00

🟩Ninth:
Technology and Harmonic Models

• Downward channel
• Double bottom
• Beginning of bullish divergence
• Probability of Bullish Shark Pattern
• Or bat form might finish with a target of 60.40

🟩Tenth:
pivot area

58.40

above it = rising
Below = retest of 58.00 before upside.

🟩Last recommendation🔥

✔️Recommended:
Buy, don’t sell

🎯 Entry point:

🟢 58.00 – 58.30 (ideal buying area)
🟢 Or buy now at current price 58.35–58.40

🎯Goal:

1 58.90
2 59.60
3 60.40
4 61.00

🛑 Stop loss:

Below 57.70

🟩 Conclusion

Oil:

• Located at the bottom of the descending channel
• In request area
• He begins to regain his strength.
• RSI is rising
• Waves and Price Action → Upcoming impending

📌Buying is better than selling
📌 First target 58.90, then
Important tips
We do not provide you with financial and investment advice
Instead, we provide you with scientific and educational content
You are the only one responsible for pressing the buy and sell buttons

analyst
Engineer Ihab
Sayed Al-Dhahab Telegram Channel