Hello oil traders, and happy Friday! I posted a little bit ago about what I expected to see for today based on the 15 minute chart, but that is not working out, so I decided to take a longer look on the daily. Based on the 2019 high close of $66.15 on April 23rd and the 2019 low close of $51.06 on June 12th, USOIL has been in consolidation mode and has not closed above or below the channel. Since August we have seen resistance at $56.80 on the high and $53.70 on the low. I expect that for September things will continue to remain in consolidation. I expect oil will turn downward again breaking the lower resistance and settle around $52.90 before rebounding. Trade wisely and always use SL. Let's all have a great weekend!