USOIL is approaching our first resistance at 55.18 (horizontal overlap resistance, 38.2% Fibonacci retracement , 100% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 48.34 (61.8% Fibonacci retracement , 61.8% Fibonacci extension , horizontal pullback support)
Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price.
Hm, I was looking at the same, however due to recent recovery, I have my doubts. I see there possible extension, altough now we are also at resistance formed by rising wedge. BUT if it break to the upside, we are looking at 56-58 or even 60.