USOIL
has retraced back to a previous channel which is now acting as resistance. The bold line is my initial opinion, where the fact that
USOIL
recently broke a major trend line (blue line) and the channel resistance will send the stock down to $62.50 before we get any real support.
If oil does break through the channel resistance it could retrace back to the blue trend line before heading lower.
If oil does break through the channel resistance it could retrace back to the blue trend line before heading lower.
Comment:
After retracing back up looks like we have a continuation of the downtrend...
Comment:
That is if oil closes down big today