Crude OIL/USOIL - Daily Chart: In the long term, the downtrend is still valid - as long as the 66.57 - 2020 high is not exceeded. I prefer long from 40.70 or 51.50.
Oil Tops USD 50 With Saudis Pledging a Surprise Unilateral Cut!
TheSignalyst
⋅
As price is approaching the upper trendline, i will be looking for sell setups, but your analysis is also possible
Zarko
⋅
@TheSignalyst, Thank you and yes as we are in a downtrend. The reason I show 2 possible scenarios is because the American economy and the dollar price is linked to the oil. We must wait and see :-)