The sharp collapse of USOIL prices may continue

The sharp collapse in oil prices may continue for some time. The chart of this trading instrument shows that the downtrend began yesterday, and today news came out, which accelerated the collapse of oil prices. Given the nature of price changes and such a sharp drop, it is likely that the price will continue to fall. Such abrupt price changes do not reverse with the same speed in the opposite direction, which means we will join the bears in this trend. We recommend opening a short position immediately after breaking through the level of 71.05 and placing a Take Profit order at the level of 70.20 because the nearest support level there. The next level where you can take profits is lower at 69.80. The MACD indicator is now below the zero levels, price is below the 200 simple average, which shows us that this is a downtrend without any doubt.

Symbol: USOIL
Order Type: Pending Order - Sell Stop
Entry Price at 71.05
Take Profit at 70.20
Pips Earning: 85