PerryWave
Long

CONSOLIDATION BEFORE MINOR BREAKOUT

TVC:USOIL   CFDs on WTI Crude Oil
On the daily chart USOIL is coming off of oversold on both RSI and Stochastic . It is on the hourly chart it is as well (circled in red).

MACD signal line is being crossed on both the daily and hourly chart also.

Volume of selling is decreasing, as shown by the red line.

USOIL is in a consolidation, as shown by the two blue lines.

Gann Fan shows a representation of where price can go if a breakout from consolidation occurs.

Although USOIL seems to be due for a slight breakout from its oversold condition, I am still bearish overall as the underlying fundamentals remain negative.


Comment: Check out my updated projection for USOIL here:

https://www.tradingview.com/chart/USOIL/...

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out