It seems like an ascending channel has been identified.
An ascending channel describes a specific bearish formation that is angled up that can be used to predict a next move down if price breaks out.
USOIL does not rule out a move towards 71.
Crude Oil: Rectangle
USOIL,
1 hour
SHORT
May 11
A rectangle materializes, the price is ready to break out soon.
A rectangle is a reliable chart pattern that signals a further move down when price breakdown occurs.
A bearish continuation towards 72 is possible on a breakdown of the rectangle.
Crude Oil: Descending Channel
USOIL,
1 hour
LONG
Apr 11
The price establishes a descending channel, USOIL lacks a further active move for the certainty of breakout.
Once price breaks out, the resulting move could indicate a next move up.
USOIL to accomodate to 80.4 on a breakout of the descending channel.
Crude Oil: Ascending Channel
USOIL,
1 hour
SHORT
May 25
An ascending channel arises and the price breaks out.
An ascending channel often spots a trend change to the downside when price breaks down.
USOIL to push down towards 73.5 on a downside break.
Crude Oil: Rising Wedge
USOIL,
1 hour
SHORT
Jan 8
There is a rising wedge developing.
A rising wedge is a specific formation that spots a further move down when price breaks down.
There is a probability of extra downside to 72.5 on a downside break as the commodity keeps the bid tone.
Crude Oil: Falling Wedge
USOIL,
1 hour
LONG
Jun 1
There is a falling wedge noticed and USOIL wants a bigger move as a signal of a breakout.
When price breaks out, the resulting move could indicate a change in the prevailing trend.
USOIL to enjoy a considerable gain towards 69 as bulls look for entries.
Crude Oil: Pennant
USOIL,
4 hours
SHORT
May 2
We can see that a pennant develops, the price is ready to break out soon.
A pennant often spots extending an downtrend in case if price breaks below support.
USOIL now looks towards 74.
Crude Oil: Ascending Channel
USOIL,
1 hour
SHORT
Nov 14
There is an ascending channel forming, USOIL wants a further bigger move as proof of a breakout.
An ascending channel typically predicts a bearish move once price breakdown occurs.
A bearish move towards the 77 zone is likely as indicators favor bears.
Crude Oil: Ascending Channel
USOIL,
1 hour
SHORT
Oct 30
There is an ascending channel discovered.
An ascending channel describes a useful bearish price action formation that is used to spot a break during an uptrending market when price breaks through the support.
There is a possibility of a further move towards 84 on a breakdown of the ascending channel.
Crude Oil: Descending Channel
USOIL,
4 hours
LONG
Dec 14
There is a descending channel forming.
A descending channel is said to depict a price pattern that has a downward slope that typically predicts a change in the prevailing trend if price breaks out to the the upside.
There is a probability of a bullish move to the 72 zone.
Crude Oil: Descending Channel
USOIL,
4 hours
LONG
May 17
There is a descending channel spotted and the price is ready to break out soon.
A descending channel identifies a technical bullish price formation that can be used to identify a further move up when price breaks above resistance.
USOIL to enjoy a considerable gain to the 73 zone.
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Crude Oil · USOIL