Crude Oil: Breakout of Bullish Flag Opens Doors for Longs

Price has broken above the corrective structure of a bullish flag, a good sign that the uptrend has no intention to end. In case you wish to get involved in a trade with a better R/R you better wait for a pullback at the upper parallel of the flag and then buy USOIL.

Stoploss should be placed below the flag at around. Aiming for the 1.27 and 1.618 fib ext of previous impulse is the better options for tp.

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Price retraced to test the broken parallel and jumped instantly moving higher, reaching the first tp. We move stoploss at breakeven at 2nd position and wait to see if price reaches the 1.618 fib ext