The technicals continue to show the recent bullish trend is valid. For now, the weekly 38% retracement for USOIL has been a key level:
Weekly 38% Fibonacci Retracement, $93.41
If we see an early-week pullback to this area, I’ll be looking to execute a long trade. Here's the play:
1) Buy $93.44
2) Stop loss at $93.19
3) Profit target at $93.69
4) 1:1 risk vs reward ratio for 25 ticks
Weekly 38% Fibonacci Retracement, $93.41
If we see an early-week pullback to this area, I’ll be looking to execute a long trade. Here's the play:
1) Buy $93.44
2) Stop loss at $93.19
3) Profit target at $93.69
4) 1:1 risk vs reward ratio for 25 ticks