Oil Poised for a Breakout


Hey there, Traders.

It’s been a while since we’ve seen some a decent medium-term opportunity arise for USOIL, but the chart below is beginning to look very interesting.


We can see that price has been respecting our downward trendline since late Jan this year, and we can also see that over the past month our horizontal support levels have also been respected and we’ve got the makings of a descending triangle. Now, this could break out either direction any day now, but what would really make this appealing and higher probability is if we see price continue to tighten up towards the apex of the triangle.

Price is currently sitting at ST support, however it is only a minor support level and am not confident it will hold at this point and we’ll see another test of our stronger support area shown, however, the market being the market loves proving people wrong, so let’s see.

Another one to put on your watchlist, and as always, watch your risk and trade with the probability.


Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the forex trading account of the reader. We always aim for maximum accuracy and timeliness, and Vantage shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

Start Trading with a Vantage Account Today

  • Register

    Choose an account type and submit your application.

  • Fund

    Fund your account using a wide range of funding methods.

  • Trade

    Access 1000+ CFD instruments across all asset types on MT4 / MT5.

That's it. Welcome to the world of trading!

open live account