TLDR:

I'm bullish on USOIL. The daily and 4H structures are aligned, and I'm looking for continuation higher while the current daily support holds.

My Read:

I began by marking the most relevant daily swing levels to build a roadmap for the coming weeks. Given the current macro backdrop, I believe oil has room to continue higher, though I'd much rather be wrong if it means lower energy costs and a stronger US economy.

On the 4H, price is sitting on a major daily support that continues to reject lower prices. We've seen repeated wicks below the level, but buyers have prevented sustained body closes beneath it. To me, that's evidence this area is still being defended.

Bullish Scenario

The 4H has already produced an indication followed by a correction back into support. If buyers continue defending this zone, I'll look for continuation toward the next daily resistance, targeting a minimum 3:1 reward-to-risk. Longer term, I'll continue managing the position toward higher daily levels if the trend remains intact.

Bearish Scenario

If price begins closing decisively below the current daily support at 79.12, the bullish thesis weakens and I'll reassess. Until then, I see pullbacks as opportunities rather than reasons to abandon the trend.

For now, the plan is simple: let price confirm the setup, respect the daily levels, and remain patient until the market gives the entry.