USOil - for 42
USOIl has been travelling in a descending triangle , with price contained beneath the 200 MAV.
Price has tested the support at 50.00 twice , with rejection. Looking for a 5th wave , now moving up back towards 55.00.
Then possibly the final wave down, to test 50 a third time and break to the downside.
The bias is bearish for OIL.
Entry is sought to continue the downtrend , and better prospects may be had by waiting to see if the 55 handle is tested.....
Price has tested the support at 50.00 twice , with rejection. Looking for a 5th wave , now moving up back towards 55.00.
Then possibly the final wave down, to test 50 a third time and break to the downside.
The bias is bearish for OIL.
Entry is sought to continue the downtrend , and better prospects may be had by waiting to see if the 55 handle is tested.....
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