USOIL is currently in a bullish trend, consistently making higher highs. However, it has encountered three bearish divergences. The first two divergences caused the price to move sideways temporarily but did not reverse the trend. The most recent divergence, coupled with a near double top pattern and a significant bearish engulfing candle, suggests that bearish momentum may be gaining strength. Consequently, a potential sell opportunity could arise if the previous higher low at 81.859 is broken.
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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.