Opportunity In Oil?

Oil is about to breakout. Will it break to the upside...or break down?

Oil - Two Charts

Oil is at a juncture. Break to the upside…or to the down side. Either way, we are close.

My bias is to the upside.

Let’s look at two charts and be done.

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1 of 2 👇

For two years oil has tested the up trend line to the PENNY (green arrows).

Price has touched the down trend line on two occasions (red arrows)

2 of 2 👇

Zoom in. Add the 200 day moving average…price WANTS to break out.

Each low is slightly higher.

Could it break to the downside? Of course. However, the whisper I am getting says higher.

I’m a buyer.

My trade is USO.

Hope this helps.

Eric