As pictured on the chart, USOIL has been consolidation for a while, which could be seen as the 4th correction wave.
Overall I have a bullish bias and will be looking for a breakout of the range in order to see the 5th wave completion, right up to the next zone of resistance at around 60$.
BUT be careful! It is currently sitting at the top of that range which is a place where we could see it bounce down once more. That being said, watch your entries if you want to trade the breakout, because we could still see some nice bearish move from that resistance zone.
Play it safe, good luck!
Overall I have a bullish bias and will be looking for a breakout of the range in order to see the 5th wave completion, right up to the next zone of resistance at around 60$.
BUT be careful! It is currently sitting at the top of that range which is a place where we could see it bounce down once more. That being said, watch your entries if you want to trade the breakout, because we could still see some nice bearish move from that resistance zone.
Play it safe, good luck!
The dollar's strenght will have an impact on oil.