I'm in no hurry to look long on USOIL, but technically, I like the idea that a reveral pattern may help this fallout recover towards $70 in 2015. $40 is the technical support area but we may see patterns emerge a bit sooner as that LOW of a low has geopolitical implications. We'll see what happens.
The USD has enjoyed an incredibly one-sided bullish run - the monthly chart shows 7 months of bullishness with very little hiccups. I'm looking for a short-term retracement for the breakout to re-test the trendline or re-test the wedge. Resistance looms in the 92.50-93.00 and I will only trade a reversal pattern or confirmed bearish move.