Usoil - Retracement to FVG Before Bullish ContinationMarket Structure & Key Levels
Resistance Zone: Price reacted from this supply area, showing short-term rejection after BOS (Break of Structure) to the upside.
FVG (Fair Value Gap): Price is expected to retrace into this imbalance zone for demand before resuming higher. Watch for bullish price action here.
Weak Low: If price breaks this low, the bullish scenario becomes invalid and deeper downside may follow.
Structure Highlights:
BOS (Break of Structure): Several BOS points confirm previous bearish trend and recent short-term bullish correction.
CHoCH (Change of Character): Marked at the base of reversal near FVG zone, indicating possible trend shift.
EMA Confluence: Price hovering around short EMAs, showing possible slowdown and setup for a pullback.
Trade Scenario
Expected Move:
Price could retrace to the FVG zone (imbalance fill) before a bounce.
From there, bullish momentum may resume toward the target zone above resistance.
Bullish Confirmation:
Look for price to tap into the FVG, form bullish structure (e.g., BOS, CHoCH), and engulfing patterns or lower-timeframe entries.
Target would be near recent highs or break above resistance at ~$59.90–60.00.
Invalidation:
Break below the Weak Low would invalidate this bullish setup and open room for further downside.
