US Oil is likely to start a daily downtrend after the weekly correction is over. If it rebounds into the daily supply zone, it could be a good place to sell.
However, since oil is in the monthly demand zone, it could be a big rebound if it finds a bottom. However, it takes time. The daily downtrend should stop first. Then, make a weekly correction pattern and see the pattern propagating to the monthly correction again so that it can be converted into an upward trend. Until then, it is better to focus on the bearish wave.
However, since oil is in the monthly demand zone, it could be a big rebound if it finds a bottom. However, it takes time. The daily downtrend should stop first. Then, make a weekly correction pattern and see the pattern propagating to the monthly correction again so that it can be converted into an upward trend. Until then, it is better to focus on the bearish wave.
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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.