USOIL heading higher after candle reversal

A bullish gartley-type formation has been posted on USOIL (although ideally the CD move would have been greater for an exact Gartley). However, this pattern has been accompanied by daily candlestick reversals (Bullish hammer, inverted hammer and Bullish outside bar). This ties in nicely with a MACD reversal expectation and the Commitment of Traders report showing a net long increase from hedge funds. So we expect a swing to the upside to target 48.00-49.00 area

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Prices have reached our target area