I hope everyone had a great week! I wanted to take a look on the daily chart and see if we can tell where oil is heading. Unfortunately, technicals are not giving us much and the Coronavirus threat is probably not going to help the situation. Cruise lines are down which means another source for oil usage will be down. Flights into China are going to be down, especially cargo flights, that's another strike. Since the beginning of the year USOIL has been on the decline after a three month gain. it broke out of both channels I was mapping and has just experiences a double bottom, so you would think it is going up. Right? StochRSI and Moneyflow are both moving upward but near oversold. Put all this together and I think we are in for more sideways action. I am looking at things on a smaller scale now and looking for smaller, shorter gains.