USOUSD 28 Nov 2023 on Weekly timeframe. Oil looks still unable to break out from inside the kumo cloud on the ichimoku indicator. Experiencing bearish from the last few sessions, oil now occupies a price position of 75,160 after having reached its highest price in August at 91,096. Although it continued to experience a bearish trend in the previous session if you look at the stochastic indicator, it appears that it has been oversold which may lead to a trend reversal. When the bullish trend does occur then go-long can be the right choice. However, if the bearish trend continues then go-short is an option. Keep an eye on the market movements and consider all possibilities before making a trading decision.
