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Update: Arctic Cold Favoring Bears? | #USOil #WTIC #Brent #Oil

AMEX:USO   UNITED STATES OIL FUND
124 0 2
Friends,

A quick "Tech-Note" on #USOil to indicate that the recent rally illustrated in this chart may have had the stomping sounds of bulls, but our system indicates quite the contrary.

In fact, ever since our "Dead-On Hit", a bearish reversal confirmation signal was produced, and we remain quite skeptic as to the ability for price to change that bearish qualifier for the time being. A push above 36.00 is always possible, but the resistance is quite solid at that level.

Instead, we keep our eyes on the bearish levels down below. In fact, we just produced a "Target-Low", TG-Low = 29.90, which marks a potential reversal level. In its path, the secondary target produced last October 28th might require some refinement, but we will keep it as is until price breaks the recent structure low.

Cheers,


David Alcindor | 4xQuad.com
Predictive Analysis & Forecasting
Denver, Colorado USA


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David Alcindor, CMT Affiliate #227974
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)

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