USOIL - Short Term Long & Long Term Short

TVC:USOIL   CFDs on WTI Crude Oil
Oil looks to be forming a wedge shape on the daily chart , which looks to indicate that USOIL will go up towards 55, before shooting back down to around 43.

Looking away from the chart, the macro outlook here is uncertain. There are some concerns around the supply in the market, and a lack of buy-in from non-OPEC countries in terms of a deal.

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