mazdaki
Long

Initiated an initial position in USO.

AMEX:USO   UNITED STATES OIL FUND
17 2 0
Initiated an initial position based on the divergence in the CCI indicator (higher low) and buy signal as the daily closing price of the stock was expected to be higher the high of the lowest low. in at 18.31. Expecting to retrace back up to 61.8% Fib value of 25.50. First test would be downtrend line at about $20.
expecting the next leg up to commence with a close above $20.29 on the way to 25.55 mark.
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BTW, there is no goood tool to draw the double top so i resorted to using the head and shoulder pattern. A revised chart just provided with double top indication.
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