USOil Bullish structure is forming

**Monthly chart**

Last month's candle was bearish after sweeping liquidity from 84.5 level and then pushed lower for around 1,000 pips. This month's candle (August) which is still active, continued its moves lower and pushed USOil price to the 71.44 level before it took off higher.

**Weekly Chart**

Last week USOil price closed after forming a bearish candle, however, it tested and swept liquidity below the August 5th weekly candle before changing the structure from bearish to bullish. Note that USOil price has been moving within a range from 80 to 72 levels since 22 July 2024.

**Daily Chart**

USOil started a bullish structure on daily and lower time frames last week after pausing around the key level which created a manipulation candle (or Order block) before the strong rally to the upside.

This week, I will be looking for a bullish structure to buy the dip as the market retraces to IPA (or FVG) on lower time frames (ie. H4 and H1). The next Target is 77 and then 80 levels.