USOIL had established a descending trade channel. It has since recovered somewhat, but only in the sense that it has established a less-severe/drastic downward trend within the new trade channel outlined. OIL is definitely something that we see a SHORT on. While the market overall has enough bullish indicators, OIL topped out at an unrealistic value and the correction could actually come even without the S&P 500 tanking. These are different animals, but when
HAL climbed 20-plus with the pandemic only getting worse- it set off the SHORT TRIGGER. Whether readers agree or not, is enlightening; at least no one is throwing out insults b/c the notion we can predict the market over a week in advance is dubious enough by itself. GOOD LUCK! haha.
-BDR
See attached idea regarding the "bottom falling out" on USOIL. The thoughts are similar but there have been some adjustments since.
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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.