Spent all day running through the USOIL market structure to try and figure out what's next to happen for the instrument. With a lot of help from the homies from the USOIL Chat Room, I decided on this as a possible path for the beginning of the fall for USOIL.
Next week's start is unwritten however, I believe the push up in price action will find tremendous resistance at $54.72. After failing to pass this level, USOIL will once again descend south towards $35. This idea is based on market structure, candlestick structure and tendencies observed during analysis.
Sorry for the lack of technical jargon and fancy indicators. I like to keep it simple.