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USOil - Price Action Suggest It Could Catch Fire

USOil - Price Action Suggest It Could Catch Fire

Talking Points:

  • USOil bottom could be in place
  • In recent months, consolidationshave given traders excellent short opportunities…until now
  • Daily double bottom formation with a higher high has eyes on price forming a higher low

On January 22nd, I posted a piece suggesting the bulls were premature due to a repeating theme which consisted of heavy selling followed by periods of consolidation followed by more heavy selling. In recent days, for the first time in months, this theme has failed the bears. We have a double bottom with a higher high in place. Will the pullback this week hold as the first higher low? At this juncture, this camp believes it will. USD has begun rolling over a bit as of late. If downward momentum kicks in, this will further bolster the bullish bias…

USOil Daily: Aug ’14 – Present

Written by Paul Robinson, DailyFX Research

To contact Paul, you can email him at instructor@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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