Update on Oil

The pullback in Oil continues. $37.09 is still an important support level, with a double bottom forming at ~$37.90 on the 60-minute chart. Bullish divergence is present and the high probability is a resumption of the uptrend soon.

WLL, USO and TOO still look like good trades. It might be prudent to wait for Oil to turn back up before getting into these now. The specific entry, stop and target levels are reviewed on live charts in thevideo.

Stay tuned…