USOIL has formed two different upward-sloping channels, one shorter term and one longer term. Soon it will break out into one channel or the other. Watch for breakout to see which channel it follows moving forward.
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It's looking like the bullish scenario.
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USOIL has plummeted out of the blue channel and is looking like it will resume movement within the green channel. Watch for energy stocks that have been on the verge of upward breakout to also reverse downward. (I'm already seeing downward breakout in Propetro Holding, another company I've been watching.) This is why I hesitate to invest in energy stocks. Even great energy companies are too vulnerable to the whims of volatile oil and gas prices.