Buying GUSH this morning to play the long on USOIL. Looks like a short term AB=CD pattern in play. $48.73 in USOIL should be the 1st target. On the daily chart %R is rising out of oversold conditions. TSI should cross soon. TSI crossed on the hourly chart.
Comment:
Daily chart quite bullish
Comment:
OIL continuing to grind higher. Energy stocks aren't keeping up? Set stops in case this reverses.
Comment:
Target was hit on the 15th. Im staying in with partial position. GUSH just isn't keeping pace with OIL
Trade closed: stop reached:
With the general markets moving lower, energy stocks are suffering no matter OIL moves higher. UWTI would have been a good trade, GUSH was not. Next time.