As we all know USOIL mainly reacts to markets' moves, so we will have to see how markets pick up the
doom & gloom news from the ECB on monday/tuesday.
Technically it clearly is a short, with growing divergence in the H4 between and the curve.
Decline is possible down to 34US$ (0.382 Fib support + round number) in the coming week.
Thanks for your attention.
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Now we have reached the monthly support around 36.70 US$ and the upper layer of the H4 Ichimoku cloud, so we should watch closely if the WTI will bounce from here or continue downwards to 36 US$ (0.23 Fib) or even further towards 34 US$.
The news from Iran about them increasing their production before negotiating any supply freeze have surely added to this downward move.