SeaLionLLC

USO is breaking out

Long
BATS:USO   United States Oil Fund
0
Oil opened higher, swooned with stocks lower on Senator Reid's comments, and finished higher when the day was over. From a technical perspective today's candle is a Dragonfly Doji . The Dragonfly Doji is a bearish reversal candle which is reasonably reliable - if so why is this a breakout. In order for the Dragonfly Doji to be confirmed prices will need to open lower tomorrow and finish lower tomorrow. With the price action above resistance odds are this candlestick pattern will not be confirmed but instead rejected and prices will move higher.

If you like these trades and would like to receive signals in real time from me visit http://www.sealionllc.com

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.