This is a longer term idea. With the recent plunge becoming a heavy support and production cuts that are possible in near future, I don't see USOIL going much lower than the trading zone I have marked out. If there is a breakthrough, look for a heavy move in that direction.
What I see formation wise is a double bottom that was created on the 29th and the 30th with bounces corresponding. People are saying IH&S and I think that may be true, but with the heavy double bottom formation I don't believe we will bottom out again without a bearish oil news catalyst
What I see formation wise is a double bottom that was created on the 29th and the 30th with bounces corresponding. People are saying IH&S and I think that may be true, but with the heavy double bottom formation I don't believe we will bottom out again without a bearish oil news catalyst
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