Don't want to enter it too much but with this price lvl in USOIL it need more retrace at least,never mind that i think all last 2 years movements of it formed a bearish wedge but in some market like Oil that many different factors can push market can't really count on technical matters too much and with political situation between Iran and USA and new sanctions about Iran's Oil, USOIL can go forward for new highs but now it's really need a retrace and can short it with stop around $79 and first target is $70.58-$71.Don't think it go with one wave to 68 but it will make a impact with blue line soon.
Note
As you can see we dropped as expected,no it will find a new support here or some lower and after a little retrace it will continue to drop.
Note
-no = nowNote
Reached my first and second target.it have room till 66.5.Move your top loss if you want continue till last station.
Trade closed: target reached
Update here,join me there:
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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.