USOIL short setup... Target will be 45.85 first i think. Good Luck!
Technically: Fibonacci retracement level supported by MA which plays role of resistance, overbought RSI not likely to sustain the upward movement, same for MACD and Stoch indicators Fundamentally: Rising OPEC output
SOFT AND HARD TARGET FORECAST.
BIG CRASH IS COMING I GUESS.. SO FED NEXT WEEK WILL RISE RATES I GUESS
Oil prices will need a retracement depending on Weekly chart, because of the political and geo-political risk on OIL prices can go higher without a retracement. Question mark implies this possibility. One way or another prices will go higher for long term ( 1 - 2 years). USOIL Weekly Chart;
As I described on the chart. This week is important because of the last week's weekly candle. Market is dynamic so we are.
Double bottom formed with price closing above its 3 month high of 15.87 all on strong volume. All oscillators look green now looking for a long bias trade setup.
mining and petrol sector rallying going long on 6 value stocks currently showing signs of strong momentum Long: $TRQ $SWC $FXC $F $CMRE
Depending on my idea crude can go down deeper on weekly basis.
Good luck as always!
After multi year lows were broken, this has become a bear market. Using the bear flag shown, a subsequent bearish leg can be projected, which happens to be ~16.56 , which confluences with the obvious pivot low as well
Trend is going very vertical and as every vertical move (Up or down) it reverses.