USOIL short term Bias is Bearish

**Monthly Chart**

**USOIL** is moving within a range between 94 and 63. The highest point was in Sept 2023 when it rejected the previous high of Nov 2022 and started moving lower. The lowest point was in May 2023 when it tested the low of Dec 2021 and the previous low of Aug 2021.

The long-term trend based on the monthly is bullish, whereas the short-term trend is bearish. I would like to see the price move lower to test/or break the previous low of May 2023 at around 64 -63 levels.

Last month's candle closed as a Manipulation candle (MC) and this month's candle opened at the close of the last monthly candle and moved lower. Bear in mind that this month's candle is still active.

**Weekly Chart**

In the week of 25th Sept 2023, USOil rejected from MC candle of Nov 2022 which indicates that the supply zone level is well respected at around 95.00 area. Then the price continues to move lower.

Last week's candle also closed lower indicating that the directional bias is still bearish.

**Daily Chart**

As we moved to a lower time frames, there were plenty of trading opportunities to short USOIL from Supply Zones.