USOIL clearly trending downwards and this tendency is likely to continue. On the 26th of October WTI rejected the 50 Moving Average. Fibonacci applied to that corrective wave shows potential downside targets.
At this point, the downtrend is likely to continue but consolidation can take place before that. Consider selling USOIL on a corrective wave up while the price is near 49, targeting either 261.8% (47) or 361.8% Fibs (45.80). The suggested stop loss is just above 50.
Support: 48.10, 47.00, 45.80
Resistance: 48.8, 50.00
