Oil is stabilizing. You have three recent lows dating back to January that form the outline of an inverse head and shoulders pattern that could play out strong in the days ahead.
You have a downtrend that has finally been broken.
You have an ascending triangle breakout.
But…
You have this stubborn 50-day moving average that USO simply can’t break through.
Ultimately I think this moving average falls in line underneath price action and moves higher. There’s a lot of shorts out there that are probably holding out hope still that crude sees the lower 20’s, which isn’t happening for the time being. A move up from here will likely force these oil shorts to cover and only fuel the flames of an oil rally.
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