Technical Summary : USOIL is maintaining a bullish recovery structure , trading around 85.36 after breaking above the previous descending trendline. Price is consolidating below the key 8 5.85–86.01 resistance zone , while the rising trendline continues to support the bullish structure. Current geopolitical supply concerns are also keeping oil prices elevated.
Bullish Scenario : A sustained 30M candle close above 86.01 could confirm the next upside leg toward 87.00, followed by 88.48–88.76. The chart’s projected path supports a potential breakout → pullback → continuation move.
Bearish Scenario : Failure around 85.85–86.01, followed by a break below 84.50–84.60, could trigger a correction toward 83.00–82.70. A deeper break of the rising trendline would weaken the bullish setup.
Key Levels :
- Resistance : 85.85 → 86.01 → 87.00 → 88.48–88.76
- Support : 84.50–84.60 → 82.70–82.90 → rising trendline
- Current Bias: Bullish above 84.50–84.60
- Breakout Trigger: 30M close above 86.01
Market View : Bullish bias remains valid. The preferred setup is a breakout above 86.01 or a controlled pullback into 84.50–84.60 followed by bullish confirmation. Current fundamentals remain supportive as uncertainty around Strait of Hormuz shipping continues to underpin crude prices.
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