Seemingly in the middle of a tug-o-war exhibition, both bears and bulls are jocking hard for position on USOIL. I always say that this particular instrument is the bloodline of America. Considering the political and socioeconomic status at this time, its only right that the price of USOIl metaphorically also becomes unstable. With COVID-19 continuing to be the elephant in every room, there's plenty of reason to be bearish on not just USOIL but DXY as well.
I have no EMA numbers for you, no historical price points either. Just a nice, simple mark-up that points way, way south.Whenever price seems as if it's going sideways, it really wants to go down from my experience. Minus a few dead cat bounces here and there, without momentum no meaningful moves can be executed.
Barring an increase and hold in price above, $41.39 - this looks to be slow traveling train in one steady direction.
Trade closed manually
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USOIL bulls have found support and now look to test $50-55. Kill shorts immediately.