(4H Time Frame) Following up our Mark Up phase completing at a key level of resistance, price is consolidating, as price is not breaking higher highs after 3 Impulsive Waves. We tend to anticipate a Seller momentum breakout as price is accumulating right above our Golden Fibonacci Level giving us more reason to anticipate a breakout.
(Daily Time Frame): We are in a Market which overrules our lower time frame analysis, daily support is our , Price breaking below that level of support would've indicated a break in trend but because price respected it, momentum increased massively. I'd like to see price either break and close above 66.07 or price retest 58.75 one more time to continue Long (Price is above 200 Day , confirmation). If price breaks below , i'll expect a retest before going Short. Following our indication we are close to an oversold market.
Fundamental Analysis: Reason why price is consolidating at a very key level, giving us reason to go either way is because we are in a very intense week with G20 Nations, bringing uncertainty to the market. The US-CHN deal is also spoken about throughout key investors, Investors/Traders tend to Sell in uncertainty. To soon to call which way USOIL will go, be cautious of any headlines being released. We have high where price is rallied, we can expect the breakout of either or to be big, until then I anticipate USOIL to progress very slowly.