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USOIL - The downtrend continues

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In the first quarter of 2022, we warned market participants about the peaking conditions in the oil bull market. Since then, our predictions came true, and USOIL dropped over 30% from its highs, hitting our 100 USD and 90 USD price targets. At the moment, we still remain bearish on WTI oil with a medium-term price target of 80 USD. Our views are based on technical and fundamental factors.

Technical analysis - daily time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.

Illustration 1.01

Illustration 1.01 shows USOIL down approximately 33% from its 2022 highs. At the moment, we pay close attention to the sloping resistance; a breakout above it will be a bullish sign, potentially hinting at the correction of the downtrend.

Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.

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We abandoned our price targets as USOIL broke above the sloping resistance and turned bullish.

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