- USOIL is breaking down! The trendline from 2020 has been destroyed by the bulls recently, and we can free fall to 61.76 without any problems.
- On the monthly chart, you can see a falling wedge , and all patterns should be retested. This is a chance to retest the wedge on the breakout point at 61.76 or even lower at the trendline.
- This chart is totally brutal, and I am very happy to see such huge volatility . What goes up should come down in the same way.
- Oil was traded at negative levels in 2020, which has never happened before in history. Why did it crash? There are a lot of speculations. For example, they wanted to wipe out all the long positions on the futures market, so it was a huge manipulation. Why not? Tell me in the comment section right now!
- The breakout point of the trendline + the POC of the previous structure + double bottom + high liquidity zone make 61.76 a strong resistance.
- No one is providing you with such a strong and detailed analysis as me. Don’t forget to share this analysis!
- If you do not buy oil at 61.76, then I am not saying anything! There are lots of stop-loss orders below this swing low that need to be taken.
- If we take a look at the recent 2 monthly candles, we can see “shooting star” + “bearish engulfing” candles. This combination is extremely bearish ; the likelihood of further decline is high.
- Check out my related ideas about GOLD and EURUSD in the related section down below! It is critical; you must see it!
OIL to 62! This has never happened in history!
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Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.