Looking at the 4h chart, price is currently consolidating after a strong bullish impulse. What stands out clearly is the presence of several important technical areas:
Higher Inefficiency zone (around 92$–98$)
Price is currently trading inside an inefficiency created during the upward move. These areas are often revisited and “filled”, but can also act as short-term resistance.
High volume nodes (around 65$ and 75$)
Below the current price, we can identify high volume zones. These levels typically represent strong institutional interest and often act as:
– Accumulation areas;
– Potential support in case of a pullback.
Lower inefficiency (around 69$-71$)
There is also another inefficiency below, which could attract price if the current structure weakens.
Market scenarios:
Bullish: holding above the 90$ area could support continuation toward higher highs;
Bearish: losing the current zone could lead to a move back to inefficiency zones 75$ and potentially 65$ (less likely).
Price is currently at a decision point: either continuation through absorption or a shift into distribution followed by a retracement.
My bias for USOIL in short term is bearish.
“Where light fades, truth reveals itself.”
ShadowPlayer