Oil has been in a down trend now since it topped out in early June at $52 per barrel. Now trading at $41.05, oil is starting to get interesting for a near term bounce. I would not suggest holding it for longer periods but a technical bounce will be seen in the price. The key level is $40.00. This will also result in a key gap fill on the $USO (the oil tacking ETF). Patience as it falls, look for this level to make solid money off of.

By Pro-Trader

Anthony Jackson