**Monthly Chart**
**USOIL** is moving within a range between 94 and 63. The highest point was in Sept 2023 when it rejected the previous high of Nov 2022 and started moving lower. The lowest point was in May 2023 when it tested the low of Dec 2021 and the previous low of Aug 2021.
The long-term trend based on the monthly is bullish, whereas the short-term trend is bearish. I would like to see the price move lower to test/or break the previous low of May 2023 at around 64 -63 levels.
Last Month’s candle (Nov 2023) closed lower after it bounced from the low of the previous month's manipulation candle (MC). This confirms that the directional bias for USOIL is lower.
Dec 2023 candle (still active) moved lower and found some support near July 2023 monthly candle.
**Weekly Chart**
Last week candle closed as a bearish candle. However, it found some support around 70 levels (round number) and created a reversal pattern which suggests the move for next week would be higher.
**Daily Chart**
The price had a ringed high formation on the 07.12.2023 daily candle indicating the next move for this week is bullish. While I am still looking for a slight bull back before taking a trade long.
**USOIL** is moving within a range between 94 and 63. The highest point was in Sept 2023 when it rejected the previous high of Nov 2022 and started moving lower. The lowest point was in May 2023 when it tested the low of Dec 2021 and the previous low of Aug 2021.
The long-term trend based on the monthly is bullish, whereas the short-term trend is bearish. I would like to see the price move lower to test/or break the previous low of May 2023 at around 64 -63 levels.
Last Month’s candle (Nov 2023) closed lower after it bounced from the low of the previous month's manipulation candle (MC). This confirms that the directional bias for USOIL is lower.
Dec 2023 candle (still active) moved lower and found some support near July 2023 monthly candle.
**Weekly Chart**
Last week candle closed as a bearish candle. However, it found some support around 70 levels (round number) and created a reversal pattern which suggests the move for next week would be higher.
**Daily Chart**
The price had a ringed high formation on the 07.12.2023 daily candle indicating the next move for this week is bullish. While I am still looking for a slight bull back before taking a trade long.
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Join our PropSignals Channels on Telegram
t.me/PropsignalAE
t.me/PropsignalAE
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.