USOIL December 26th, 2023
USOIL has been forming a bearish channel for the past few months. The channel is defined by two parallel lines, with the upper line representing resistance and the lower line representing support.
Resistance Test
The price has recently reached the resistance line of the bearish channel. This is a sign that the trend may be changing. The price could bounce off the resistance line and form a new lower high.
Three Possibilities
There are three possible outcomes for the price of USOIL. First, the price could bounce off the resistance line and form a new lower high. Second, the price could continue to decline below the lower low of the bearish channel. Third, the price could break out of the bearish channel and enter a bullish trend.
Resistance Test
The price has recently reached the resistance line of the bearish channel. This is a sign that the trend may be changing. The price could bounce off the resistance line and form a new lower high.
Three Possibilities
There are three possible outcomes for the price of USOIL. First, the price could bounce off the resistance line and form a new lower high. Second, the price could continue to decline below the lower low of the bearish channel. Third, the price could break out of the bearish channel and enter a bullish trend.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.