Crude Oil - The Bigger Picture

Interesting setup on the daily chart for USOIL with a shorting opportunity, price recently bounced off the top trendline and started its short-term decline.

I'm expecting a drop to 49.25 before price finds support, it will cross the 200 EMA around this level too which may upon up an opportunity to go long.

The main purpose of this post is to highlight the key price structure within the market... Refer to this chart whether you're going long or short.

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We have now reached support at 49.20, I'm expecting a short-term pullback followed by further declines this week.

Keep an eye on a bounce or break of the trendline.