Either i'm a little early, right on time or dead wrong.
I see a potential long move with the monthly coming to an exhaustion.
Triangle transitional pattern.
Price bouncing/rejecting off the other side of this downtrend.
Bulls starting to buy. Looking for follow through from the bulls.
If so this COULD possibly be the bottom of USOIL .
We MAY or MAY NOT come back down later on to test this area again.
I believe we may be overextended to the short side and time for a long in USOIL . (my own personal idea is that we'll eventually see all time highs in OIL . If we look at the previous 2 recessions, OIL has SPIKED HARD to incredible new highs every time. This new LOW point could be the price needed to begin the momentum to higher prices. So based upon this long term view, i will try to trail my long entries)
I could be wrong and price could come down now for another test of this area.
I'm leaning a bit more onto the long side and looking for this to bounce up.
Will follow along and strategically trail this long in the case that we could swing for high prices.
I'm off to sleep guys, look for strength on the one hour. Continuation of buying from bulls, if looking at long moves.