USOIL

Usoil is testing big resistence line in monthly time frame. And I can see is that W-pattern have played out as you can see, i have marked it in the analysis, whic i expect it to go down and Complet the W-pattern.

I toke Fib ret. From bot to highest and it looks like the W-pattern can play out becus of the Fib Ret shows 0.5 at W-pattern zone.

And another reson why i think this pattern can play out its becus of the covid19. The more Covid19 sprea/increaseas the more price will get lower/reduceses. Iam saying this becus of my own reschares.
( oilprice.com, U.S. Oil Rig Count Stalls As WTI Remains Below $60, oilprice.com/Energy/Energy-General/US-Oil-Rig-Count-Stalls-As-WTI-Remains-Below-60.html ,last uptade Apr 09, 2021, source retrieved: 2021-04-10 )

Otherwise if the candels breaks out from the triangel to upp. We can see new all time highs for oil, but i dont think something like that happend becus of the time we are living in right now.




This is my opinion and this is for educational and discussion purposes only.