US Oil Long Term Buy , Short Term Sell: Check It Out.......

For one month, US Oil has been consolidating within the $10 range. In the bigger picture, US Oil is still in an uptrend as long as oil prices are above $78 per barrel. But in the lower time frame, US Oil is losing some strength.

Breaking Below $78, we may see more downside correction until the $67 price zone before testing $100/barrel.

To the upside, $90 is descending trendline resistance. So, if we see US Oil at $90, we may go for short term sell. But We should keep our ultimate target of $100/barrel within some months.

See the H4 and H1 charts.

H4 Chart

H1 Chart

$82.21 may play as immediate resistance. So, if the H4 candle breaks above the $82.21 price zone, the Oil price may drop to the $78.46 price zone. If it breaks $78.00, our final target to the downside is $67/barrel.