USO needs to bounce today or tomorrow or drop will be strong
USO was in a huge bullish pattern falling wedge. It break out of it several days ago but it simply can't move up further. If it drops inside the pattern it will be a dead hook or fake breakout and could be very bearish and fast. Volume on the drop confirmed price action which could be bearish for oil.
RSI is dropping but is still in a neutral area.
MOCD drop below the zero line and does not show sign of moving up.
Overall: OIL need to bounce today and break again from the trend line otherwise could be seen a nasty and strong drop. After its breakout the first time it found resistance at a high from December 2022 and wasn't able to move above it which is bearish for sure. It could find support on the blue trend line, but that support won't be for a longer time. Because of that it s got a sell signal which will be removed only if the price moved out of the falling wedge asap.
RSI is dropping but is still in a neutral area.
MOCD drop below the zero line and does not show sign of moving up.
Overall: OIL need to bounce today and break again from the trend line otherwise could be seen a nasty and strong drop. After its breakout the first time it found resistance at a high from December 2022 and wasn't able to move above it which is bearish for sure. It could find support on the blue trend line, but that support won't be for a longer time. Because of that it s got a sell signal which will be removed only if the price moved out of the falling wedge asap.
Note
Touch my trendline and bum. Nice. For now it's again out of the triangle. Bullish.
Consistency is the key of success....
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Consistency is the key of success....
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.