USOil short term Bullish and long term Bearish
**Monthly Chart**
USOil last monthly candle created a swing high with a Ring high formation which indicates a continuation of the bearish trend as it bounced from a key level at around 87.60. This month the price opened from the low of the previous candle and continues to move lower. The next level is around 70.00 and then 66.60.
**Weekly Chart**
The last weekly candle closed bearish which has created a different opinion on whether USOil price might continue moving lower after breaking the soft support level or bounce from it at around 75.90.
**Daily Chart**
I am seeing short-term bullish to break the equal highs above 80.00 level before continuing the move lower. Therefore, my long-term bias is still bearish for USOil.
The plan for this week. I will only react near the low and high of the levels that I marked. Plus I will look for a confirmation candle (some calls it insurance candle).
USOil last monthly candle created a swing high with a Ring high formation which indicates a continuation of the bearish trend as it bounced from a key level at around 87.60. This month the price opened from the low of the previous candle and continues to move lower. The next level is around 70.00 and then 66.60.
**Weekly Chart**
The last weekly candle closed bearish which has created a different opinion on whether USOil price might continue moving lower after breaking the soft support level or bounce from it at around 75.90.
**Daily Chart**
I am seeing short-term bullish to break the equal highs above 80.00 level before continuing the move lower. Therefore, my long-term bias is still bearish for USOil.
The plan for this week. I will only react near the low and high of the levels that I marked. Plus I will look for a confirmation candle (some calls it insurance candle).
Join our PropSignals Channels on Telegram
t.me/+AJLAS9g5E_MxYmM8
t.me/+AJLAS9g5E_MxYmM8
