On the weekly timeframe, USOIL has already reversed into a buy, breaking significant structures. I believe it'll keep seeking out buys.

The daily time frame confirms that too - with current weakness showing in order to gather liquidity to complete the long move.
In terms of where it'll react from - that depends on the structure it breaks. If it breaks (Likely and best situation) POI 1, then expect it to return to POI 2 and to react off of there.

I expect price to return to POI 2 because using the Fib tool, you shouldn't be looking for trades at 50%, rather around 60-75% or the inverse 0-25/35%.

Target profit 1: 93.75
Target profit 2: 101 [FINAL]

NOTE: This is not financial advice, please do your own research and be aware that any risks are being taken solely by you, the individual.
Chart PatternslongsetupTrend AnalysisCrude Oil WTIusoilanalysisusoilbuyusoillong

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