OP247

USOIL Short

Short
TVC:USOIL   CFDs on WTI Crude Oil
USOIL (1D) has formed a butterfly pattern and I would expect a downtrend in the price to follow, this theory is also supported by a change in MACD . There will be a test on this trend at around 49 (fib 0.786) which forms point B in the pattern. There will be a further test along the barrier indicated in green which the price is reached, which I would expect to be at fib 0.618, around 47. If this is broken I would look for a further decline to 42.72 which has been a previous S/R level