As of Dec. 26th USOIL has been on a reversal from its 2018 Q4 correction.
As OIL continued to rise we hit our next level resistance of $49.50-$50.00. Over the last 2 days we've had trouble breaking through the $51-52.00 range. According to my charting we are approaching the bottom of our 7 day channel. In the last 2 days we have been creating a rising wedge. Moving forward we could have an additional bullish breakout or a breakdown. We can see a breakout to $53.69 and up or a breakdown back to $51.55 and below possibly even to $48.53.
Friday Jan 11 will tell us a lot about where we go from here.
If OIL has a breakout and move up look for:
Price Tgt 1 - $53.69
Price Tgt 2 - $57.37
If OIL hits resistance and falls look for:
Price Tgt 1 - $51.55
Price Tgt 2 - $48.53
Natural Gas futures have fallen in February while Oil futures are up in February. This could create a positive momentum in OIL. I'm fairly confident in a Bullish move for the weeks coming up.
As OIL continued to rise we hit our next level resistance of $49.50-$50.00. Over the last 2 days we've had trouble breaking through the $51-52.00 range. According to my charting we are approaching the bottom of our 7 day channel. In the last 2 days we have been creating a rising wedge. Moving forward we could have an additional bullish breakout or a breakdown. We can see a breakout to $53.69 and up or a breakdown back to $51.55 and below possibly even to $48.53.
Friday Jan 11 will tell us a lot about where we go from here.
If OIL has a breakout and move up look for:
Price Tgt 1 - $53.69
Price Tgt 2 - $57.37
If OIL hits resistance and falls look for:
Price Tgt 1 - $51.55
Price Tgt 2 - $48.53
Natural Gas futures have fallen in February while Oil futures are up in February. This could create a positive momentum in OIL. I'm fairly confident in a Bullish move for the weeks coming up.