USOIL -0.09% is seemingly about to pull a major trend reversal on the 5H timeframe. The 6780 area resistance is the first zone that bulls need to clear to pave a way to the gap area around 6850. Currently the 5H shows a pullback formation within a bear trend. If sellers persist, they will add shorts around the aforementioned resistance area of 6780. If demand takes over, a good chance of testing the gap area. Also, USOIL -0.09% is below the 150 day EMA , this is the make or break area for longterm trend.
Trade active:
Long @ 6710, a 70 tick stop @ 6640 & 1R-3R targets
Trade closed: stop reached:
1R loss
Trade active:
Another try at long position @ 6655, a 26 tick stop @ 6629, 1R-3R targets
Comment:
1/2 position closed @ 6607, a 2R target. Breakeven the previous loss. Remaining half of the position is left open for further upside with the same stop, which transfers to a 0.5R.
Trade closed: stop reached:
-26 ticks on remaining half, which transfers to 0.5R loss on these series.