USOIL Can It Start To Drop ? All Eyes on Russia

Hello traders:

Lets take a look at USOIL and the possible bearish price action its developing.

Price has formed into a larger, higher time frame expanding structure, with a few swing highs and lows to confirm a structure in the making.

The latest development shows us a lower time frame ascending channel reversal, and we did indeed to a sharp bearish impulse down.

Ideal to wait for the confirmation of a bearish continuation correction on the LTF to confirm the downside move.

With the recent situation between Russia and Ukraine, its can certainly affect oil price should we have more escalation between the 2 countries.

But, if there is no further escalations, then the technical price action perspective and the multi-time frame analysis can very well play into the price.

Be patient and observe the development next few days and see.

UKOIL also has similar price as well, I have also forecast the price action also.

Thank you

Kommentera:

Didnt see any bearish continuation correction, so no entry no trade.