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Support and resistance levels for usoil (2016-07-31)

Support and resistance levels for usoil (2016-07-31)

USOIL0.00%% might rebound from here because it is coming to a potential reverse zone and bottom of the potential rising channel.

Pay attention to the resistance at 42.58 and 43.24. If they are broken, it will go up to 44.5 which is a very important resistance level on weekly chart.
If oil rejects back from these resistances with high volume and breaks down the rising channel, it has probability going down to 38.5.
I hold the idea it will rebound next week. As to the trading advice for next week, please refer to 4h chart below.

Good luck for everyone!