USOIL room to go down
Updated
USOIL has reached a major resistance at $52 and given that all indicators show that USOIL is currently overbought, I expect some downward movement to previous local maximum $50-49. The 200ema MACD though shows further possibility for upward movement, that's why I set my stance to neutral for the time being and stand by my previous analysis suggesting that oil will go higher in the first 2 quarters of 2017.
Trade active
We are slowly crossing over the 10ema which should trigger some downside in the next days. Watch out for any pop during data days though.Trade active
I will wait one more day and close the trade for a profit. I don't see enough momentum for me to feel 100% confident.Related publications
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