lukeboland
Long

USOIL: Pullback to $42 before next leg higher?

FX:USOIL   CFDs on Crude Oil (WTI)
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
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