Looking at the charts for USOIL, all I can see is a Harmonic patter forming. The Bullish, Bat pattern will typically retrace to 88.6% of the previous XA run up. This would put USOIL at $37 a barrel. I won't short this, but if it gets to $37 I will go long in energy.
Note
Harmonic Pattern Bullish BATTrade active
With the move higher with volume I think its time to buy OIL.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.