IvanLabrie
Long

USOIL: Expanding on the analysis

TVC:USOIL   CFDs on WTI Crude Oil
$USOIL has given us further clues with the recent developments. After the futures expiration, we had a big drop, but bulls supported the price before hitting levels that would put the rally in danger in the short term. We now have an active uptrend in the daily, and the end of a short term daily downtrend today, which indicates to me that we will see immediate upside in oil . If you for some reason aren't long, you can definitely join longs here, or on slight dips, and aim for the targets on chart, at least. This might end fulfilling a monthly uptrend signal, which could propel oil to the upper 60s, to even $100+-5 as an extreme target.
Check out my previous publications, I have been moderately on point, capturing the extremes of the range, and I think now we might be able to catch the next trending leg, let's wait and see.

Cheers,

Ivan Labrie.
Trade closed manually: I'm out for now, but hold positions in energy for the long term. -in profit now-
Comment: I reentered at 45.92, stop was only 35 cents...

$USOIL can hit 53.28 by October or a bit sooner After that, it might confirm a longer term uptrend to $60-100.