The current USOIL structure shows us that after rebounding from the upper bound of the yellow channel, we saw a rapid decline to 49.36.
The market has almost reached this support level, which is on the lower bound of the yellow channel. In case of a rebound from this level, we will see the market grow in the direction of its upper wall and the resistance of 64.72.
If the bears manage to break below the support of 49.36, then they will be able to continue the price decline, but it is difficult to predict to what levels this decline will continue at the moment.
We will continue to observe the price behavior in the following reviews.
