Here is something different from my usual 2618 reversal setups, trend continuation traders will like this one.
We have a trend continuation opportunity on USOIL coming in around $42. This level has been an important level for price action over the past month. You can see on the chart that price failed to break and close above $42 on two attempts, before making new highs on the 3rd assault late last week.
If we get a pullback down into the structure at $42, I will be looking to enter long. First target at $44, to retest the new high, and above that an extended target 2 at $50. Stops will be below $40.
If you don't like to trade USOIL directly, a bullish bias can always be reflected through equities. There are a number of equities I have been watching that seem to closely track USOIL (ASX:STO, ASX:WPL, ASX:BPT, ASX:SEA).
Good trading,
Luke
We have a trend continuation opportunity on USOIL coming in around $42. This level has been an important level for price action over the past month. You can see on the chart that price failed to break and close above $42 on two attempts, before making new highs on the 3rd assault late last week.
If we get a pullback down into the structure at $42, I will be looking to enter long. First target at $44, to retest the new high, and above that an extended target 2 at $50. Stops will be below $40.
If you don't like to trade USOIL directly, a bullish bias can always be reflected through equities. There are a number of equities I have been watching that seem to closely track USOIL (ASX:STO, ASX:WPL, ASX:BPT, ASX:SEA).
Good trading,
Luke