Market Instrument: USOIL
Timeframe: Weekly
Analysis: Technical
Structure: Rising Wedge, Supply Zone
Prediction: Bearish
This rising wedge on USOIL is the key structure we should look at here. The USOIL has got reversed after the breakout on the rising wedge while it's heading back inside the supply zone where sellers appeared. So hereby considering the sales we have seen last year we can expect the same to repeat the same where it can possibly form a double tops formation. If the expected sell-off happens in the highlighted area this time I am expecting a complete flush towards or close to 50% on Fib level.
Timeframe: Weekly
Analysis: Technical
Structure: Rising Wedge, Supply Zone
Prediction: Bearish
This rising wedge on USOIL is the key structure we should look at here. The USOIL has got reversed after the breakout on the rising wedge while it's heading back inside the supply zone where sellers appeared. So hereby considering the sales we have seen last year we can expect the same to repeat the same where it can possibly form a double tops formation. If the expected sell-off happens in the highlighted area this time I am expecting a complete flush towards or close to 50% on Fib level.