I think it is safe to assume oil has bottomed and we will start trending up soon. Intraday charts show buyers stepping in, holding at the low volume support zone from the recent advance. This is a short term chart, but it is a good extra confirmation if you are placing longs now.
Good luck,
Ivan Labrie.
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If we don't hold here we can fall a bit lower.
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You can see how the low volume support was important here...
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Nailed that...means that buyers have stepped in at a logical 'unfair low' price. USOIL appears to have bottomed... We'll add to longs gradually.
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We need to move to a higher timeframe already. I will post an updated chart.
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You can see how short term trends acted here, and how the support I outlined held.
Everything was indicating I could add to longs on the dips, which I did, and now we can reap the rewards.
If we hold here or higher, we can be pretty comfortable in oil. Else we might need to see if we can add on dips, and trail our stops higher gradually.