orvilleawright

USOIL (4H) trading at the top of a bull channel

TVC:USOIL   WTI CRUDE OIL
USOIL             (4H): After spiking higher oil             is trading in a bull channel . It is currently approaching the highs of this bull channel . It has broken the high at $51.57. Will it hold above or will price rotate to the lows of the channel. Note that price is also at the 127.2% extension of a previous swing high. The trend is clearly bullish and I would only be looking for buying opportunities at the low of the channel or on a strong break and pullback of the $51.7x resistance zone . My upside targets are $52.4x (measured move) then $54.00 (127.2% extension). I would only consider selling if price breaks the bull channel as well as trade below $50. I would be looking for a retest of the SMAs. My downside targets are 48.0x (SR zone and 38.2% retrace) then $46.0x (SR zone and 61.8% retracement )
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