Price has been in an uptrend since April 2020. At the ending of October 2021 price reached a strong supply area (85.00). It failed to break through and started going in a bearish direction. I think December 2021 was just a pullback for the overall bearish move. Using a fib tool price is also at 61.8 fib level. Price also looks as if it will be forming a head & shoulders pattern which is a bearish reversal pattern. This will give more confirmation on the bearish direction being long-term. Another confirmation is if the price breaks through my uptrend line. Plus if the price fails to break past the s/r zone ( 79.00 area ) and still continues in a bearish direction that again will confirm the trend being long-term. Based on my analysis, USOIL looks as if it may possibly reach $50-$45 in 2022.
If you agree with my analysis please like or comment your input. Thank you.
Wishing everyone a successful 2022.
If you agree with my analysis please like or comment your input. Thank you.
Wishing everyone a successful 2022.