USOIL has been very volatile in the past 2 weeks due to news surrounding further cuts in oil production by OPEC nations. However there has been a large sudden increase in retail long positions and this likely means we see further downside before any resumption of upside. There is a lot of liquidity to be grabbed around the 
69 - 
70 level (H12 OB). There is also a small probability that new lows could be made given the big imbalance in liquidity.
69 - 70 level (H12 OB). There is also a small probability that new lows could be made given the big imbalance in liquidity. 
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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.