I want to show some interesting points I am looking at. USOIL seems to form a formation at the and is currently holding at the low. The technicals for my and perspective are the following:
- Weekly low followed by weekly deceleration.
IF we hold, I see this market move all the way back up to re-test 54.00
- Failed to hold above 50.00 key level & possible neckline of the HS.
- Broke below the 50
Next downside target is 45.00 IF we break the low. Lowest target for me is 40.00