Something significant could happen today!
So first off, lets see how today's daily candle closes.
We have already broken the low of friday's drop BUT not quite broken the low of last week.
I am favoring shorts currently as there are a few technical levels USOIL has failed to retake.
1. 200 day SMA at 61.66, price came quite close to testing the average but failed to gain any more bullish momentum
2. 50% retracement of the Oct-Christmas Bear Trend.
3. Possibly reached channel resistance.
4. If today closes red for the 3rd day in a row, this will be the first time since the Christmas eve bottom.
This can be supported by a bullish dollar, or even better we can get some inventory news on Tuesday/Wedsnesday that gives the bears fodder.
We have already broken the low of friday's drop BUT not quite broken the low of last week.
I am favoring shorts currently as there are a few technical levels USOIL has failed to retake.
1. 200 day SMA at 61.66, price came quite close to testing the average but failed to gain any more bullish momentum
2. 50% retracement of the Oct-Christmas Bear Trend.
3. Possibly reached channel resistance.
4. If today closes red for the 3rd day in a row, this will be the first time since the Christmas eve bottom.
This can be supported by a bullish dollar, or even better we can get some inventory news on Tuesday/Wedsnesday that gives the bears fodder.