(Click on chart for sharper image.)The chart shows the 60-min view of oil (USO used as proxy).
It has been in a constant decline since the last peak.
The Trend lines nicely capture the price action of Oil. Unless Oil breaks above this trend line; future action would be always downwards. Till then, you can either play bounces between the two trend lines.
On a longer term- Daily chart; USO is very close to the 200 day EMA which should act as a long-term support.
I would really like Oil to hold the 200 EMA and then break out of this trend line to consider it worthwhile.
1 comment:
i think you add more info about it.
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