USOil daily outlook (my view)

3 thg 4, 2016

Since Oil bottomed (26$) we rallied up to nearly 42$ without any significant pullback (no lower lows). When u check my chart you will see the following:

D1 Levels:
Fibo .382 @ 35.80 (Retracement since last rally)
50EMA @ 36.09
(imho strong) Resistance @ 36.00
we are still way above the lower trendline (pink) so we are still in an uptrend

Indicators:
RSI Oversold
TSI reading -29 (most bottoms at around -50)
MACD may cross

So my Setup will be:

Long @ about 36.30
S/L around 35.30
Targets @ around 44 (Target1) to 48 (Target 2)