USOIL Potential Support Areas

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USOIL got rejected around the old gap area of 5480-5520 that is highlighted on the chart. This resistance area is a significant one, overcoming it will open the way towards higher targets for bulls. It will also validate the inverse head and shoulders pattern noticeable on higher timeframes. Bears were quite aggressive in pressing down the price and managed to swap the first gap highlighted in green. However, there is the second gap around the 5345 area that bears need to swap for further downside. An immediate target of 5295 would open up in that case, the 5295 being next bull angle area shown on the chart. Looking at higher timeframes, such as the 5H, the price is currently painting a spring bar with a decent shadow near the 5345 gap area, which can be interpreted as bullish as long as that level stays intact. This area here is quite important for clues of further direction, the 5345 & 5295 areas being the key price levels that bulls need to guard for further upside.

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The gap area around 5345 attracting demand apparently. Odds of upside increasing.

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A double top from overnight high, a minor a bear angle and a 50% retracement on the recent bear leg all coincide at 5430 level. Area of first resistance for bulls.

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USOIL 1H Follow Up

A buying frenzy from that 5345 gap area. Next bear angle resistance around 5480.