USOIL looks like it wants to get a breath after going through a heavy selloff mode for more than 10 days in a row. Another note worthy fact is that it has now seen a 61.80% reaction on its longterm bull run from June 2017. Looking at the lower timeframes and moving averages, we are some 50 ticks away from the 4H 20EMA (last 3.33 days exponential average price), and lately market has reacted to meeting this price with heavy selling. If there's a change of behaviour around that price, it will serve as an early signal that the minor trend is about to change. This would suggest the 61.80% attracting demand and USOIL pulling back couple of hundred ticks. The gap area around 55.50 is an interesting spot to watch for further clues.
Trade active:
In long .64 with a tight 15 tick stop
Trade closed: target reached:
Booked 1.3 profit.