USOIL has retraced back to a previous channel which is now acting as resistance. The bold line is my initial opinion, where the fact that USOIL recently broke a major trend line (blue line) and the channel resistance will send the stock down to $62.50 before we get any real support.If oil does break through the channel resistance it could retrace back to the blue trend line before heading lower.
Note
After retracing back up looks like we have a continuation of the downtrend...Note
That is if oil closes down big today
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.