USOIL
US Oil had a good rally at the beginning of the year.
It reached $49 (68% fib on a 4hr chart) then retraced back to $48 (50%).
Currently sitting at 50% and looking like it is holding.
It is slowly forming an H and S, which is a good sign, if it completes and may signal a reversal.
However, this volume is concerning. Either traders are still on vacation or are just waiting for a better signal.
Either way, if this continues, see a pull back or decline to 38% fib.
Wait and see if more traders come in...... if we don't see any more interested buyers from here?
This oil is not going anywhere but would just range at this level then eventually, down...
Short it back to $44 with an extension to $42 next quarter.......
