TVC: USOIL Oil Update by MR_gold2 — TradingView

First: technical analysis
• The general trend over the 4-hour period is down (lower highs, lower lows).
• Price is trading below a previous downtrend that was broken and retested.
• Failure to break above the 59.50 – 60.00 area.
• Momentum is currently weak and the recent rebound is corrective rather than reflective.

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Second: Elliott Wave Analysis
• We are in the midst of a downside shock wave.
• The rebound from 56.79 is classified as a correction (B or 2).
• Most likely scenario: Completion of a new downward wave (C or 3).

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Third: Time Analysis
• The price reaches a strong support area and enters a saturated decline stage.
• The current rally falls within a normal corrective time window.
• For now: Too early for a sustainable bullish reversal.

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Fourth: Numerical Analysis (Numbers/Momentum)
• Histogram below zero → negative momentum.
• Any move up below 59.00 is considered numerical weakness.
• Digital forces tilt in favor of suppliers.

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Fifth: Fundamental Analysis
• There is currently no strong fundamental support for rising oil prices.
• Global demand concerns + economic pressures.
• Fundamentals tend to put negative pressure on prices.

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Sixth: Price Action
• Remove discarded candles from supply areas.
• Repeatedly failed to stabilize above 58.50 – 59.00.
• The current trend is closer to a retest before the decline.

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Seventh: Support and Resistance Levels

Resistor:
• 58.80 – 59.20
• 59.50
• 60.50 (strong supply area)

support:
• 57.00 – 56.80
• 56.50
• 55.80 – 55.50

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Eighth: Technical model
• Descending Channel/Trend Model
• Failure to penetrate canal ceiling
• Distribution movements before landing

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Ninth: Digital Model
• Slight negative divergence with rebound
• Weak upward continuity

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Tenth: Harmonic Model
• Probability of completion of the Bearish ABC model
• The reflective area corresponds to the current viewing area

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Eleven: Supply and demand areas
• Strong supply zone: 58.80 – 59.50
• Current demand area: 56.80 – 56.50
But if negative momentum increases, it could be broken.

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Twelve: Gaze Point (Key Level)
• Negative consolidation below 58.50
• Any hourly close below 57.00 will reinforce the sell-off scenario

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pivot area
• Current pivot area: 58.00 – 58.30
• Trades below this level = selling advantage

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