Rubiesfx Network

Last week we saw the Euphoria and the market reaction to the Covid 19 vaccine. The same last week we also saw correction from those moves. Now we discussed about these moves over our zoom meeting yesterday. We looked at 4 pairs. (Don’t miss the meeting for next week). We agreed that oil will need to go lower before it goes up as it is still correcting on the power move it made. Our outlook for the week is USOIL, we are going to see oil drop a little before it continues it upward momentum. We would allow the market drop and then wait for the bullish move with a buy-stop.

USOIL
BUYSTOP @39.70
STOP-LOSS @38.86
TAKEPROFIT @41.33

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From our chart we can see making higher highs. It’s on an uptrend and a strong resistance was broken last week, we would be looking to follow this trend, we are expecting a retest to the just broken resistance before we take a trade on this pair. Entry would be at 76.99, Sl at 76.00 and our Tp at 80.72. Our risk to reward on this trade is 1:3.