USOIL CAN RETEST A NEW LOW CLOSE TO $70
Updated
The trend line has already been breached and now we can expect the price of oil to follow a new low while the recent bullish trend formed already retraced more than 61% on the fib. On the daily timeframe, we are following a major bearish trend for a few months now which already retraced and almost wiped off the gains that happened last year.
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Thanks for visiting my tradingview profile. Hope the chart update helps you out. If you like the content do hit the thumbs up and follow me for future updates. Don't forget to leave your thoughts and opinions on the following market. 🙌🏻😎
📌For more details regarding this chart update, please message me on tradingview chat. Thank you!
Note
The daily timeframe confirms a complete wipe-off on the gains that happened during the year 2022. Now we have a yearly low close to $63 which is perfectly aligned with our bearish projection.
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