Analysis for Friday 9/13/19 - Things are looking up!

Happy Friday oil traders. After taking a beating this week, USOIL appears to be done dropping and will likely finish out the week above $54.50. Based on the daily chart, I have reason to believe next week will be more positive. Over the last couple of weeks USOIL has broken the upper consolidation line multiple times and since the beginning of August has been trending up. At the beginning of August the low close was $52.29 and the end of August close was $55.01 for a difference of $2.72. September lo close was $52.82 ($0.53 higher than August) and the yesterday's close was $55.11, for a difference of $2.29. We are only half way through the month. Additionally, the Fast Stoch is below 25% and is more likely to bounce. Moneyflow is above 25% and increasing. This tells me we should see higher movement next week with today's close anticipated to be no less than $54.50 as stated earlier with the possibility it will close higher today. Looks like an opportunity to go long. Trade carefully and always set your SL to what you are comfortable losing. Best wishes, and have a great weekend!