USOIL is forming a pattern on a medium/long term timeframe; it bounced off of the $26 dollar mark, allowing oil prices to rise to a high of approximately $52 a barrel, paying off handsomely for oil bulls. However, now concern is increasing as over extension and limited profit potential, oil bulls are beginning to take profits as selling pressure increases. I'm going to be shorting this from approximately 46 dollars with a stop loss at around 48 dollars. The first resistance point in question is 37.8 then 26-26.1. I suggest looking for a reversal to confirm the pattern. Thank you for viewing my analysis.
I'm glad you agree with my assertion! @tbuckle also posted a great contrarian chart if you'd like another viewpoint. Thank you for commenting!