TradeCobra

Which Way Does Oil Want To Breakout, Down or Up?

AMEX:USO   UNITED STATES OIL FUND LP
Since collapse we have had a good recovery with a very strong impulse and the 3 day continues to shoot green.

Now we are zoomed in on 12 hour timeframe. After the strong impulse, price action has started to range into something similar to an ascending wedge creating a test at the recent top with a tight price consolidation.

These are the perfect kinds of moves you want to play. What we will look for next is to play a breakout either way out of the current compression point. Big volume should attack on the breakout.

$30 high / $29 low. Currently in mid range. Let it lead into a transition on the daily candle to shift the indicators.

Good luck.

Comments

Minor Ascending triangle pattern forming.I would think it breaks the 29.8 mark and crosses 30. I am a long term in it. Oil's not disappearing :)
+1 Reply
TradeCobra darshitkt
@darshitkt, nice 😁👍
Reply
Comprehensive analysis. Great job.
+1 Reply
TradeCobra ProCFDTrader
@ProCFDTrader, thanks bud 😁
Reply
which way you think?
+1 Reply
@Jad-87, think it would be jumping the gun to make conclusions now. It's too stable. Need to see orders hit. 29-30 both levels I will play with tight stops. Daily compression hard shouldn't be long for a move. Let the trade come to you
Reply
Jad-87 TradeCobra
@TradeCobra, fair enough
+1 Reply
@Jad-87, 👍
Reply
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