Currently USOIL finds itself at crucial support, so let’s begin by analyzing where its currently at, and why this zone is relevant.
As you can see the horizontal yellow line represents current support. This line began as strong resistance back in April of 2019, and flipped to macro support in May of 2021, and has remained so since.
In the more zoomed in local picture, USOIL had been trading above the upwards sloping trend line, until having a strong breakdown last week. As you can see, USOIL caught itself from falling further (so far) at the macro line of support.
Currently, I expect USOIL to make a run back to the scene of the crime, and re-test previous local support as newfound resistance…
What do you think USOIL will do next? Let me know in the comments!