The Market is in a Bear Market on the daily, with price below the 13 and the 50 which are still above both the 200 and 800 emas, but the 200 , at 57.75 still below the 800 , at 58.34. Price broke below a long-term last week, confirming the trend change. A likely down side target for this c-wave sell-off is below the prior a-wave low at 50.51. We’re still in an downtrend as long as each day closes below the 9 &13 emas at 57.08.
The Market is in a Bear Market on the 4 hour, with price below the 30 and 50 emas, which are above the 200 , at 58.83, which is above the 800 at 57.77. Price would have to close back above the 9 & 13 , at 55.49 to consider the market to be back in a Bear Market rally. Last week, the market put in five waves down, so there needs to be a corrective bounce here, probably back up to the down , before continuing back down.
This is my USOIL look ahead for my own trading purposes. trading involves risk. Feel free to comment, but trade off of this post at your own peril.