OIL Price Drop!
Hello traders,
Here we are analysing
USOIL & we can see price is at the top of our parallel channel.
Oil has been very bullish since COVID restriction have been lowered & we are expecting price to change direction very soon.
We are expecting bearish momentum from here to the bottom of our channel.
Once we break our Watch for Break trendline, we can expect bearish momentum. Also a break of the EMA will also be a great confirmation for bearish momentum.
However please remember
With tensions rising in Russia Oil will be greatly effected.
Here we are analysing
USOIL & we can see price is at the top of our parallel channel.Oil has been very bullish since COVID restriction have been lowered & we are expecting price to change direction very soon.
We are expecting bearish momentum from here to the bottom of our channel.
Once we break our Watch for Break trendline, we can expect bearish momentum. Also a break of the EMA will also be a great confirmation for bearish momentum.
However please remember
With tensions rising in Russia Oil will be greatly effected.
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