Short opportunities for USOIL

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USOIL may offer short opportunities as it could form an ABC correction pattern. This is in line with the expectation that the Baker Hughes US oil rig count will stop decreasing, as it will be announced today. The rig count has dropped significantly since April 2023, which has reduced oil production and increased oil price. A reversal in the rig count trend could create bearish pressure on USOIL price.

Entry: 83.00
TP: 77.43
SL: 83.47