USOIL FOLLOW UP (2016-08-23)

As previous post mentioned, we need to be cautious on the price of USOIL when it is reaching the purple resistance. Currently seems the price is stack at the 0.764 ratio and a bearish candlestick is forming. Taking profit of the previous LONG is a good choice.

Let's assume that is a temp. top first. Using Fib. retracement, let's us focus on the price to see if it can reach 45.22 (0.382 ratio), if there is any bullish candlestick formed, there maybe a chance to LONG again.

Let's wait and see :)
Happy Trading :)