Bounce from support before breaking back down.
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50 and 100 exponential moving averages are closing in on the 200 EMA, showing a consolidation in price and potential short term trend reversal to the upside.
Looks like a potential triple bottom on a strong support at around 21, as shown by the solid blue line.
Selling volume is decreasing, as shown by the red line.
RSI line is coming off of oversold condition (circled in red).
Overall direction is still bearish although we may see a short term reversal to the upside before eventually breaking back down.
Blue arrows represent three potential outcomes for price movement, each with a reversal at a resistance line shown by the dotted blue lines (Resistance 1: 25, Resistance 2: 28, Resistance 3: 34)
What are your thoughts?
Looks like a potential triple bottom on a strong support at around 21, as shown by the solid blue line.
Selling volume is decreasing, as shown by the red line.
RSI line is coming off of oversold condition (circled in red).
Overall direction is still bearish although we may see a short term reversal to the upside before eventually breaking back down.
Blue arrows represent three potential outcomes for price movement, each with a reversal at a resistance line shown by the dotted blue lines (Resistance 1: 25, Resistance 2: 28, Resistance 3: 34)
What are your thoughts?
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Check out my updated projection for USOIL here:
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