In my Weekly Levels videos I have been saying for weeks that my long term target on oil is 100. This is the level that oil liked to hang out almost a decade ago for the better part of the last decade!
Through this major run up over the last several weeks I have been looking for a meaningful pullback to take a long. We got that this morning on a pullback to test the range of late January. Price should not go back into this range or the pullback should get much worse. Therefor it is worth the risk to play the retest of the top of said range.
On the lower timeframes this morning (see inset chart) there was a "Low Sweep" that took out stops around 11:30am eastern which setup a Reaction Level to go long with low risk. I'm playing this trade out using a leveraged ETF AMEX:UCO at the vehicle to express the long trade.
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Annotations on main chart for some reason did not work...