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Long

USOIL - A Long Term Outlook

FX:USOIL   CFDs on Crude Oil (WTI)
- 4 months ago when oil             price was going down to $30/barrel, I told my colleagues to long oil             because of its low price. What happened ? Oil             touched $26 and started going higher. Now its $50/barrel, almost double !!!
- 2 months ago when oil             price was $43, I told them again to long oil             due to a technical break out in the weekly chart and oil             would go to $50 and that exactly what happened.
Don't worry. You have not missed all of it.
Well, the chance is not over to long this commodity again. Take a look at this weekly chart. What do we see:
- Price has a break out of the long term downtrend line.
- Bullish divergence on a weekly chart
- a V-bottom ABC on a weekly chart
- Support @$40-$45 (Yellow areas)
- First Resistance @$60, then Second Resistance @$80. (Red areas)

After reached $50, oil             price may retreat a bit to $40 to $45, the support areas. From there we can start buying this commodity. There will be an inverted head and shoulders pattern if price breaks neckline at $50.
So here are my recommendations:
- Buy limit from $40 to $45
- Stop loss under $40 on a monthly close
- Take profit half @$60 then half @$74.

Stay Tuned.
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