We have analyze last 12 years of USOIL data in the month of April. The data supports bulls as 8 out of 12 times the April month give bullish closing. While 4 times bears won the battle.
The most important findout from the analysis is the behaviour of April.
April seems to be reversal or it define top or bottom. During Covid-19 crash when the futures crude oil went to negative, April defined the bottom and we see price appreciated from there.
Similarly, as highlighted on the charts with small arrows, April either defined top or prove to be a reversal point.
This year 2022, The March leaves a big wick on the sellers zone and price retracted back to 30% of the month. It is also noted that the price is trading near the strong seller zone which USOIL has unable to break since Jul 2008.
Have we seen the top and price will reverse from here?
What do you think ?
The most important findout from the analysis is the behaviour of April.
April seems to be reversal or it define top or bottom. During Covid-19 crash when the futures crude oil went to negative, April defined the bottom and we see price appreciated from there.
Similarly, as highlighted on the charts with small arrows, April either defined top or prove to be a reversal point.
This year 2022, The March leaves a big wick on the sellers zone and price retracted back to 30% of the month. It is also noted that the price is trading near the strong seller zone which USOIL has unable to break since Jul 2008.
Have we seen the top and price will reverse from here?
What do you think ?
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