USOIL SELL

USOIL

The bulls showed dominance with the uptrend for this assets. Price action used the uptrend line as support, Followed by an impulsive move to the upside., starting at the 61.8 on the FIb. After reaching the 87.200 area price rejected at a 4-hour zone and created a double top upon the retest of the highs. If the price fails to break above this level, we could see a continuation of the downtrend.

Alternative Scenario:
If bullish momentum remains strong and price manages to break above the highs, we can wait on the retest to see if the uptrend is valid.