V-Formation on USOIL (USO)

Since the slide the BB% and MACD has shown a negative bias. However, today a v formation which can be a signal for a repaid reversal occurred.

The EIA will release data tomorrow and I expect another large build. However, any sign of build weakness may cause a short volatile bounce-That is the tell-tell of the V.

I am taking 4 call positions on USO for DEC at 12.00 for the bounce with a 50% stop loss.