For US Oil, a correction pattern was detected that appeared to be a leading diagonal pattern on the 1-hour chart. If the lower 4-hour upward correction trend line is not broken, it could rebound to the daily supply zone. However, since the upper high is the starting line of the daily downtrend, a downtrend may appear again.
Overall, the weekly upward wave has ended and it seems to be a monthly correction process. In other words, a weekly downtrend is in progress.
Overall, the weekly upward wave has ended and it seems to be a monthly correction process. In other words, a weekly downtrend is in progress.
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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.