TVC:USOIL   CFDs on WTI Crude Oil
Zones are color coded according to the timeframe from which they were annotated. I'm seeing rejections/resistance to the daily zone, which led to a break in upward trend. I would also call it a period of consolidation rather than a triple top with a downward breakout from the consolidation. Next phase I expect some expansion type of movement with a retest, I see an orderblock area of interest for the retest. So my thought process is since price failed to stay above the weekly zone which could be seen as a supply area than it will fall and retest an area near the last weekly support. So my bias is short based on the break of trend and the consolidation/rejection of the daily. I'm look to see which direction price action indicates the trend will be but I'm seeing short trend opportunities beginning to form.
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.