CONSOLIDATION BEFORE MINOR BREAKOUT
On the daily chart USOIL is coming off of oversold on both RSI and Stochastic. It is on the hourly chart it is as well (circled in red).
MACD signal line is being crossed on both the daily and hourly chart also.
Volume of selling is decreasing, as shown by the red line.
USOIL is in a consolidation, as shown by the two blue lines.
Gann Fan shows a representation of where price can go if a breakout from consolidation occurs.
Although USOIL seems to be due for a slight breakout from its oversold condition, I am still bearish overall as the underlying fundamentals remain negative.
MACD signal line is being crossed on both the daily and hourly chart also.
Volume of selling is decreasing, as shown by the red line.
USOIL is in a consolidation, as shown by the two blue lines.
Gann Fan shows a representation of where price can go if a breakout from consolidation occurs.
Although USOIL seems to be due for a slight breakout from its oversold condition, I am still bearish overall as the underlying fundamentals remain negative.
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