SimpleFX USOIL Chart Analysis: October 2, 2019

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The market continues to move to the target level of 52.63 indicated in the previous review. Since the price is now well below the moving average, bears still have the strength to push the price down. Thus, in the near future, it is possible to reach the support level of 52.63, which is located on the lower green bound. Then, when this level breaks down, the decline will continue to the level of 51.14, which is located on the lower bound of the yellow channel.  If the price rebounds from the support of 52.63, the bulls will have an opportunity to raise the price to the upper yellow bound and the resistance level of 61.98.

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