USOIl Bearish Bias

Recently, US Oil had a good growth and is bouncing in the uptrend and price could break the last week’s high (69.93) and closed a candle above it.

On the other hand, the main trend is still bearish and maybe we are in a bullish correction phase.

Moreover, price has approached to the strong resistance level (71.00) which has been tested for several times before.

There is a negative regular divergence between MACD and price highs:
Although price has made higher highs, MACD has made lower ones which means there is a high probability of a bearish reverse.

If price can’t break the resistance zone to the upside and there was any bearish confirmation pattern in lower time frames, we can expect a drop on US Oil around (67.60 - 66.60) which is a support zone.