VWAP moving up nicely, but no where near price level.
Although given the long-term bullish outlook for USOIL, possible bullish story from the rig count, and rising geopolitical tension, if this can take out 62.48-62.50, 63 is possible.
On the downside, if the trailed off volume after 61.32 is an indication that it's just a short-squeeze, then I'm looking at 61 for support.
Everyone from investing.com, to Seeking Alpha, to TV chat boards are trying to figure out why USOIL just bounced. I think it's a mix of short-term technical-s and long-term fundamentals.
Although given the long-term bullish outlook for USOIL, possible bullish story from the rig count, and rising geopolitical tension, if this can take out 62.48-62.50, 63 is possible.
On the downside, if the trailed off volume after 61.32 is an indication that it's just a short-squeeze, then I'm looking at 61 for support.
Everyone from investing.com, to Seeking Alpha, to TV chat boards are trying to figure out why USOIL just bounced. I think it's a mix of short-term technical-s and long-term fundamentals.