OXY: Long-term VIEWHello my friends, today I wanna share you some conclusions that I found about OXY.
At the moment OXY price trades near to the raising wedge bottom.
Though USOIL currently bounced up but I think there's a counter-trend decline to OXY.
I expect that price can break the wedge and make a little correction to the bottom of wedge and then start to fall.
And I think OXY will bounce from the bottom of wedge and get support at previous high level.
I set up my first target at previous high and support level $47.00.
Then, I think price will bounce up and start to raise.
And I think price will break resistance level and go higher until resistance level.
Therefore I set up my second target at local high and resistance level $77.54 (red line).
And, I think price will break resistance go higher.
Here's the scenario that I expect to USOIL.
This is my opinion, I really hope it will be useful for you.
This is an article not financial advice, always do your own research.
And please don't forget to support this idea with your like and comment, It means a lot to me, thanks.
Be prepared and save your money. Make big profits!
Happy trading!
