WTI has shown some healthy recent bullish strength from bouncing off the recent low of $39.00. However, I do see a couple bearish warnings up ahead on the 15 Min. timeframe.
Bearish:
1. Large recent selling volume
2. Resistance level created yesterday afternoon at around $43.30 that price will need to break through
3. A negative divergence in both the MACD and the MoneyFlow
4. MACD near a crossover on 15 MIN
Bullish:
1. Large buying volume last week
2.Healthy upwards price action last week & yesterday
3. A golden cross following a bullish hammer and large volume last week
4. Higher lows have definitely been added recently
The short term trend looks healthy (to me) for USOIL, however, there are definitely a few roadblocks up ahead for price to conquer.
Bearish:
1. Large recent selling volume
2. Resistance level created yesterday afternoon at around $43.30 that price will need to break through
3. A negative divergence in both the MACD and the MoneyFlow
4. MACD near a crossover on 15 MIN
Bullish:
1. Large buying volume last week
2.Healthy upwards price action last week & yesterday
3. A golden cross following a bullish hammer and large volume last week
4. Higher lows have definitely been added recently
The short term trend looks healthy (to me) for USOIL, however, there are definitely a few roadblocks up ahead for price to conquer.