$USO to $29-42 before a bottom is in

29 avr.

USO broke down from a long term that started in March 2020 and is now breaking down below support at $67.

The most likely outcome is a continuation down to the lower support levels at $29-33.

I won't rule out the possibility of one more retest of the trend line ($73-75) before continuing down further. An invalidation of the short would be a break over the $83 level.

Otherwise, downside is the most likely outcome from here.

Let's see how it plays out over the coming months.

3 juin

Ordre annulé

I don't like the idea of downside anymore now that the support was flipped.

1 août

Note

The path to the targets below is more likely now.