1911 USOIL view on weekly chart

Dear traders,

USOIL has reached the red support zone once.
Please remember the lowest position it hit was 54.79.
The red line also happen to be a weekly support zone which is not a easy position to break.
And are we looking for a correction now ?
Not yet.
We are now looking for a sideways movement. Which means that price could move from the red line toward the blue line ( one of them ) for a bit while.
After that, it could drop down again.

All the world are working so hard to find out substitutes of oil, electric car , clean energy are not just hot spot, they are really the future of our real world. So its no surprise that OIL could go down to test any lower position than our expectation.

Less is more!