If you take a look at bullish momentum of USOIL on a five year chart, you realize that this current bullish trend from 28 is finally coming to an end. The reason why I'm convinced that it's going to end is because my long term trendline in S&P chart just got rejected. I don't know how to post two charts in a single idea so you can go check that out for yourself.
But, as usual we have to wait for confirmation downward pattern which is yet to be seen in both markets. My prediction is that first and second week of april might be a +-5$ range for oil. And if it does, then there will be a long term trend change.
But, as usual we have to wait for confirmation downward pattern which is yet to be seen in both markets. My prediction is that first and second week of april might be a +-5$ range for oil. And if it does, then there will be a long term trend change.