USOIL May crush back close to $80. Resistance at 113 is Strong
Market Instrument: USOIL
Timeframe: Weekly
Analysis: Technical
Structure: Resistance and Retracement
Prediction: Bearish
USOIL is respecting the resistance formed close to 113 and the weekly chart shows a faked breakout on this resistance and now retracing or pulling back to retest the resistance one more time before the crush. Here I expect the price to fall back once again inside the channel I've picked up here and revisit the lower boundary which has formed on it. For the moment the market is highly bullish in all timeframes but the expectation is a retracement to form considering the daily and weekly price action on this resistance at 113.
Timeframe: Weekly
Analysis: Technical
Structure: Resistance and Retracement
Prediction: Bearish
USOIL is respecting the resistance formed close to 113 and the weekly chart shows a faked breakout on this resistance and now retracing or pulling back to retest the resistance one more time before the crush. Here I expect the price to fall back once again inside the channel I've picked up here and revisit the lower boundary which has formed on it. For the moment the market is highly bullish in all timeframes but the expectation is a retracement to form considering the daily and weekly price action on this resistance at 113.