These are levels that I'll be keeping an eye on when dealing with USOIL, and I'll revise as price action progresses.
I adapt to the change in money flow.
This is a representation of greed in play when it comes to oil. However, I do believe in the coming months things will get very interesting due to price action's placement in the market, things that have taken place in the past that left clues for what can possibly come in the near future along with any fundamentals that can play a part in this as well.
As of right now I feel as though it wouldn't be smart to execute any short orders due to the higher perspective showing strong bullish sentiment. I did notice that P.A. is currently in between two daily ranges, so it's not entirely impossible to sell, but I'm sure some would agree to stay on bull's side.
What am I waiting to see happen?
I'm anticipating for price to reach around $140 per barrel (can possibly take place between July/August) which will then form a double-top from a monthly perspective. That's also where price pivoted back in 2008, the potential profit margin stretches down to the $40 range which can be seen from the 3 & 6 month perspectives.
The 1st area where I would look to lock in some profits would be around the $80 price point. Why? That's right above EQ within the monthly ranges that can be seen on the chart.
In conclusion, at this time I would simply sit on my hands and wait until price reach key levels I'm interested in to then zero in on smaller perspectives in order to receive the "signal" to execute. Just my thoughts..
I adapt to the change in money flow.
This is a representation of greed in play when it comes to oil. However, I do believe in the coming months things will get very interesting due to price action's placement in the market, things that have taken place in the past that left clues for what can possibly come in the near future along with any fundamentals that can play a part in this as well.
As of right now I feel as though it wouldn't be smart to execute any short orders due to the higher perspective showing strong bullish sentiment. I did notice that P.A. is currently in between two daily ranges, so it's not entirely impossible to sell, but I'm sure some would agree to stay on bull's side.
What am I waiting to see happen?
I'm anticipating for price to reach around $140 per barrel (can possibly take place between July/August) which will then form a double-top from a monthly perspective. That's also where price pivoted back in 2008, the potential profit margin stretches down to the $40 range which can be seen from the 3 & 6 month perspectives.
The 1st area where I would look to lock in some profits would be around the $80 price point. Why? That's right above EQ within the monthly ranges that can be seen on the chart.
In conclusion, at this time I would simply sit on my hands and wait until price reach key levels I'm interested in to then zero in on smaller perspectives in order to receive the "signal" to execute. Just my thoughts..