US Oil Correction Is Over!

US Oil Correction Is Over!

US Oil rallies today and it seems determined to come back higher. It’s traded at 60.61 at the time of writing and it could hit new highs soon. As you already know, the price was into a corrective phase after reaching the 67.94 level.

Technically, the price of oil ended its short-term corrective phase and now it could develop a new swing higher. The Candian Dollar appreciation versus the USD helps the WTI oil to start increasing again.

US Oil H4 Chart Analysis!

US Oil has found strong support on the descending pitchfork’s lower median line (LML) signaling bullish momentum. Today’s rally above the weekly pivot (59.46) and through the daily pivot (59.47) signaled further growth.

The price’s failure to stabilize under the lower median line (LML) indicates that the correction is over. US Oil is trapped between 62.01 and 57.24 levels. An upside breakout from this pattern validates a strong rally.


The aggressive breakout above the R1 59.81 and through the 23.6% level indicates strong buyers. Stabilizing above these obstacles could lead to a strong swing higher in the short term.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
Share with other traders!

Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.