Fundamentals:- Although we had a drop in the API figures yesterday the EIA figures have not been reflected consistently in the Price. The freeze in Oil production is looking less likely to happen with Iran still wishing to compete for their market share. With little hope of a reduction in production the Oil price is likely to remain low for some...
USOIL is expected to sink now. There are many reason why we feel it may sink. 01. It is trying to touch Tgt 01. of quarterly short level of 29.66 02. HAMMER in daily Chart. 03. To sink and come near quarterly Tgt 01. sell level of 29.66 04. Stoch RSI (3,3,14,Close) clearly states it may sink. 05. RSI(14,CLOSE) Is also of the same view. 06. CCI(20,CLOSE) Is...