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beyond50
USOIL Playing Ping Pong:
On the Hourly that is in Bullish (directional) Market Bias, the Gap Up still hasn't closed.

The last two candles have a lower wick that are nearly resting on the S&R Zone serving as Support and the Gap Up is a strong Support Area, while the Resistance is the Pivot High of 61.42 that two candles have tried to breach with their upper wicks.

A breakout from this natural setup of a Support and Resistance Area that the candles are moving within needs to happen.
Snapshot
beyond50
USOIL After the Gap Up, the candle forming on the Hourly has an upper wick that rejected the Pivot High of 61.42.

In order to close that Gap Up, there needs to be a candle close at 61.05 (or lower) in order for the bears to drop below it. If that doesn't happen, the strong forces of Support will keep the candles moving above it. There's a take profit level of 62.31, based on a measured move by a previous bull run.

But if the bears manage to close that Gap, they can either do a shallow retracement or a proper one through Mean Reversion towards 60.66.
Snapshot
OnlyWinsdotcom
USOIL
๐Ÿ”ด Resistance: 61.63
๐ŸŸ  Pivot: 60.78
๐ŸŸขSupport: 60.14

These KEY LEVELS ๐Ÿ”‘: were obtained from the fair value gap created on the daily timeframe.

This is a sign of a breakout so before the big move we can expect a retracement to 60.78 and possible 60.20 before a possible second bullish rally awaiting ahead ๐Ÿš€
IBGSCALPER
USOIL And theres your gap up mentioned on Friday :) good day folks :)
Snapshot
mustafabeercan
WTICOUSD that's interesting. USDCAD Gapped down on its own. Commodity market not own yet. It should mean oil fits gap up.
AAlbusaify
USOIL big gap ๐Ÿ˜ฑ๐Ÿ˜ฑ๐Ÿคท๐Ÿผโ€โ™‚๏ธ๐Ÿคท๐Ÿผโ€โ™‚๏ธ
OnlyWinsdotcom
USOIL

A. ๐Ÿงฑ Market Structure

๐ŸŸข Institutional Demand Zone: $55.00
The early-May gap-down produced a textbook double bottom at $55.00, locking it in as a high-conviction institutional floor.

Pattern Watch: W-reversal forming:

Left Low: $55.00
Swing High: $64.83
Neckline: $61.50

๐ŸŸ  Consolidation Range: $58.58 โ€“ $61.99
Price is compressing within this 6% band โ€” energy is building for a breakout.
Range aligns with neckline = key breakout staging zone

Compression = pre-expansion tension
๐Ÿ”ด Major Resistance: $64.83
A key structural high. Completion of W-pattern requires clear breakout and hold above this level.

B. โš”๏ธ Battle Scenarios & Price Paths
๐Ÿฆฌ Bullish W-Reversal Setup

C. Expected Sequence:

๐Ÿ“ˆ Gap up toward $61.50โ€“$61.80 (neckline test)
๐Ÿ” Pullback to $60.64 = Decision Point
โœ… Break & retest above neckline confirms upside

Bullish Targets:
๐Ÿ“ˆ $63.17 โ€“ Local resistance
๐Ÿ“ˆ $64.83 โ€“ Swing high (W-pattern completion)
๐Ÿ“ˆ $69.12 โ€“ Measured move from double bottom base
arjungoodwill
USOIL so a clear gap up tomorrow after Trumps positive statement after the China US meetings at Switzerland.

Will it go above 63?