US Oil is heading towards the resistance line of a Channel Down and could reach this point within the next 22 hours. It has tested this line numerous times in the past, and this time could be no different from the past, ending in a rebound instead of a breakout. If the breakout doesn’t happen, we could see a retracement back down to current levels.
US Oil formed a Channel Down on the 1 hour chart. Retest of resistance in sight.
