US Oil approaching resistance, potential drop!

USOIL is approaching our first resistance at 55.18 (horizontal overlap resistance, 38.2% Fibonacci retracement , 100% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 48.34 (61.8% Fibonacci retracement , 61.8% Fibonacci extension, horizontal pullback support)

Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price.