WTI has shown some healthy recent bullish strength from bouncing off the recent low of $39.00. However, I do see a couple bearish warnings up ahead on the 15 Min. timeframe. Bearish: 1. Large recent selling volume 2. Resistance level created yesterday afternoon at around $43.30 that price will need to break through 3. A negative divergence in both the MACD and the MoneyFlow 4. MACD near a crossover on 15 MIN
Bullish: 1. Large buying volume last week 2.Healthy upwards price action last week & yesterday 3. A golden cross following a bullish hammer and large volume last week 4. Higher lows have definitely been added recently
The short term trend looks healthy (to me) for USOIL, however, there are definitely a few roadblocks up ahead for price to conquer.