Breaking down a potential trading opportnity for USOIL this week.
Technical- Illustration shows a impressive rally to the upside for USOIL. Impressively breaking the Yr highs. And rallying up to 57.50 Where its finally met its match. Double top with whiskers reaching beyond 57.50. but no close above.
I do believe that oil has its time. And its time to retreat to previous structure support. Illustrated dotted lines.
Fundamental- US Drilling activity showed a uptick in drilling activity. Baker Hughes reported that the number of active US rigs online. Rose by 9. To 738.
Year Highs were broken during heightened tensions between saudi Arabia and Iran. Saudi Arabia World Top Producers of oil. Opecs most influential member.
Monday-Petroleum Exporting monthly assements,
Tuesday- US OIL supplies weekly report.
Wednesday- US Energy Information adiminstration.
Thursday-Produe weekly report.
Friday-Baker Hughes Will release Rig count. +9
Technical- Illustration shows a impressive rally to the upside for USOIL. Impressively breaking the Yr highs. And rallying up to 57.50 Where its finally met its match. Double top with whiskers reaching beyond 57.50. but no close above.
I do believe that oil has its time. And its time to retreat to previous structure support. Illustrated dotted lines.
Fundamental- US Drilling activity showed a uptick in drilling activity. Baker Hughes reported that the number of active US rigs online. Rose by 9. To 738.
Year Highs were broken during heightened tensions between saudi Arabia and Iran. Saudi Arabia World Top Producers of oil. Opecs most influential member.
Monday-Petroleum Exporting monthly assements,
Tuesday- US OIL supplies weekly report.
Wednesday- US Energy Information adiminstration.
Thursday-Produe weekly report.
Friday-Baker Hughes Will release Rig count. +9