orvilleawright

USOIL (4H) trading above $50. Will it hold?

TVC:USOIL   WTI Crude Oil
USOIL             (4H) Oil             is trading slightly above $50. Will more buyers step in and push prices higher or is it time for the bulls to take profits? There is significant separation between the current price and the 50 SMA . Are the bulls willing to keep buying at these prices or will they prefer a retracement to the moving average before taking prices higher? "The trend is your friend until it bends" It is always tempting to short prices as it test resistance zones. However if I am a bear , I would prefer to wait for confirmation and have prices holding pullbacks (at last) below the 20 SMA before considering short opportunities.
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