1) Let's start the explanation of our view with the Weekly chart. There are two items to pay attention to. First: We have a broken ABC pattern, also known as Flag Pattern, which is considered continuation structures that tell us about a new impulse coming after the breakout of it. Second: The target is the next resistance zone that worked as a strong supply area in the past. We will wait for a clear reaction there
2) Now we will pay attention to the 4hs chart. There we can see that the price broke the Higher zone of the weekly corrective Structure, and currently, we can see two corrective structures.
3) Based on all the previous items, we think USOIL has a bullish potential towards 50 / 51.5. There we will close all our long positions, and we will wait for a new structure or a reversal movement.
4) If the price breaks below 43.5, we will assume that the long view is wrong, and we will start thinking in terms of short opportunities
2) Now we will pay attention to the 4hs chart. There we can see that the price broke the Higher zone of the weekly corrective Structure, and currently, we can see two corrective structures.
3) Based on all the previous items, we think USOIL has a bullish potential towards 50 / 51.5. There we will close all our long positions, and we will wait for a new structure or a reversal movement.
4) If the price breaks below 43.5, we will assume that the long view is wrong, and we will start thinking in terms of short opportunities