USOIL - back to the 80's
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It looks like both the markets and OIL will come down over the next day or two before a final rally up (SPX to 4250 area) and then a bigger move down for both into the fall.
For Oil, this means 90 should get broken and then I would expect a kickback rally up to test 92-94 again. At that point, oil should be a solid short opportunity.
That 92-94 area, being remarkable support for the last few weeks should be equally stiff resistance.
Target for oil - low 70's sometime in the fall.
For Oil, this means 90 should get broken and then I would expect a kickback rally up to test 92-94 again. At that point, oil should be a solid short opportunity.
That 92-94 area, being remarkable support for the last few weeks should be equally stiff resistance.
Target for oil - low 70's sometime in the fall.
Nota
another chart to watch is xle- possible back to the channel around 50 dollars. Nota
hitting 90, like I said a bounce back to 92-94 is likely this week 
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