USOIL Monthly Chart

Hello Traders!

We can see Oil has been a strong uptrend for a few months.

Now we have witness oil trend bearish for a couple months.

We do have that last down closed candle where price expanded away.

This could be a point point where price will seek internal liquidity to expand to external liquidity.

Returning back to a point where buying was sponsored can lead to more buying by the commercials.

If not they will sweep the lows and than rally higher. Failed bullish OTE normally would mean they want to run stops below a low before going higher.