SimpleFX  USOIL Chart Analysis: October 17, 2019

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The market moves simultaneously within the green and yellow channels. It is not yet clear which of the channels has a stronger influence on price behavior. On the one hand, we saw a sharp decline in the price to the lower yellow wall, then there was a rebound, and the price may have headed to the resistance level of 62.17, which is located on the upper green bound. However, if the support of 51.54, which is on the lower yellow border, is broken in the near future, we can see the price decrease to the next support of 47.08, which is on the lower green wall.

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