The actual USOIL weekly chart is confusingly similar to the 2008 daily chart. By analogy, the oil price should go south even to twenty-something dollars. The current economic situation confirms it, as the leading economic indicator (LEI) announces a recession in the near future. Also, moving average analysis confirms it. I matched the closest smoothing moving average (53), which was support after by candle closes (two taps) a year ago. And now, the same moving average was a strong resistance also with two taps by candle closes/opens.
