This is a longer term idea. With the recent plunge becoming a heavy support and production cuts that are possible in near future, I don't see USOIL going much lower than the trading zone I have marked out. If there is a breakthrough, look for a heavy move in that direction.
What I see formation wise is a double bottom that was created on the 29th and the 30th with bounces corresponding. People are saying IH&S and I think that may be true, but with the heavy double bottom formation I don't believe we will bottom out again without a bearish oil news catalyst
What I see formation wise is a double bottom that was created on the 29th and the 30th with bounces corresponding. People are saying IH&S and I think that may be true, but with the heavy double bottom formation I don't believe we will bottom out again without a bearish oil news catalyst
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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.