MRO/USOIL here approaching the 0.618 fib extension which is also the long term 0.5 retracement - a very common bear market continuation fib. This is a weak ABC and i would be surprised if it gets to the 1.
Although RSI has not yet rolled back it will probably form bearish or hidden divergence to signal downtrend incoming.
Pushing higher here but I think that is not bullish, rather MRO is now topping while USOIL has started to roll over. Also pushing above 200WMA - this will likely prove to be a fakeout.
Not advice.
Although RSI has not yet rolled back it will probably form bearish or hidden divergence to signal downtrend incoming.
Pushing higher here but I think that is not bullish, rather MRO is now topping while USOIL has started to roll over. Also pushing above 200WMA - this will likely prove to be a fakeout.
Not advice.
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