USOIL - Similarities between 2008 and now

Last week, our short-term price target of 80 USD was reached. Because of that, we would like to reiterate that we remain bearish on USOIL. In addition to that, we maintain our long-term price target of 70 USD.

Illustration 1.01
Illustration 1.01 shows the similarity between the oil price pattern in 2008 and now.

Technical analysis - daily time frame
RSI, Stochastic, and MACD are bearish. DM+ and DM- are bearish. Overall, the daily time frame is bearish.

Technical analysis - weekly time frame
RSI, Stochastic, and MACD are bearish. DM+ and DM- are bearish. Overall, the weekly time frame is bearish.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.