The election of Donald Trump has changed the dynamics of the market, causing oil prices to drop, with more negative pressure anticipated.
Global purchasers now pay more for oil due to a rising US dollar, which exacerbates concerns over oversupply. Since recent economic measures have not yet produced immediate stimulus, China's demand outlook remains poor.
USOIL formed a weekly Head-and-Shoulder pattern, signaling a continuation of bearish pressures.
USOIL We need to close above 70.5 to end the month positive. Sounds like a good first target for long. Perhaps a disappointing inv report gets you a better entry.