USOIL pared all of its losses last week as it came to a close and this price movement turns out to be a "Handle" or retracement for a Bullish Reversal pattern called a Cup and Handle!

The "Cup" and "Handle" of the pattern is outlined in Yellow where you can see price made a Lower Low and came all the way back up to create the "Brim" or Equal Highs. Last week gave us our retracement down to the 50% - 61.8% Fibonacci levels to begin the formation of the "Handle".

Confirmation of the pattern will come once price retraces back up to the "Brim" or Equal Highs!
-This will generate Long Opportunities as a Breakout and Retest scenario!

Over night Trump cancelled the planned attack on Iran "subject to being able to rapidly make a deal"

- https://www.forexfactory.com/news/1411274-trump-says-iran-agreed-to-perimeters-of-a

But lately deals have been quite fragile, lets not forget other factors affecting oil globally:
- Ukraine's success in diminishing Russia's oil refineries in their war
- Ukraine/Russia war spilling over to the US/Iran war
- Word of China supplying Iran with more missiles, essentially backing Iran in this geopolitical conflict
- Months long disruption at the Strait of Hormuz and now the Bab al-Mandeb Strait

We can say Fundamentally, the recipe for disaster is there and the ingredients are available and the Technical standpoint for USOIL on the chart, paints a convincing picture that price for USOIL could very well be pushing back up!!