USOIL, 2 potential swings.

USOIL / 1D

Hello traders, welcome back to another market breakdown.

USOIL has reversed lower from a double top bear flag pattern, Which gives bears the upper hand for now.

However, Bulls see:
1- The price is at a strong buy zone.
2- They want a lower high major trend reversal.
3- The see that the swing low on higher time frame is still in play after a large leg up.

Bears on the other hand see:
1- We are still awlays in short.
2- They see a double top major trend reversal on the monthly time frame.
3- They see a double top bear flag with the neckline being broken.
4- They see a big bid on Crude Oil that comes from Refilling the SPR, "its intent to do the SPR repurchases to add to global crude oil demand at times when WTI crude oil is at or below $67/b-$72/b" Source: www.spglobal.com/com...plenish-oil-reserve.


Putting both all arguments for the bulls and the bears traders should look for shorts, and the price is more likely to continue side ways lower. Checkout the chart for a setup to go short and where I'll be willing to go long.

Trade safe,
Trader Leo.

Comment:

Still waiting