Oil (USOIL) on a 1-hour timeframe.

Analysis:

Downtrend Channel: The price is trading within a clear descending channel, marked by black trend lines.

Retracement Levels: After each retracement, the price continues to decline, indicating a strong bearish structure.

Target: Based on the channel projection, the price could drop towards the 67-68 zone if the bearish momentum continues.

Resistance Levels: The blue lines indicate short-term resistance zones, which, if broken, could lead to a short-term bullish movement.


Trading Plan:

Bearish Breakout: If the price stays within the channel, further downside is expected.

Bullish Breakout: If the price breaks above the channel, a potential reversal towards 72-73 could