Oil (USOIL) is trading within a Channel Up pattern since the December 13 2023 market bottom and currently is on the 3rd Bullish Leg towards the top (Higher Highs trend-line). This indicates that on a R/R basis, there is greater incentive selling with the price being closer to the pattern's top than the bottom (Higher Lows trend-line).
As a result we are bearish, targeting the 1D MA50 (blue trend-line) and the bottom of the Channel Up at 76.00, which is also marginally above Support 1. Notice also how symmetrical the Higher Highs and Higher Lows legs have been within the pattern.
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It seems the structure is changing from sideways to rising. But, the trend remains very weak, as reflected in the low value of ADX on the daily chart. Thank you kindly for sharing.