USOIL room to go down

23 thg 10, 2016

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.

25 thg 10, 2016

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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.

26 thg 10, 2016

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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.