VietnamGold
Long

USOIL - A Long Term Outlook

FX:USOIL   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.
All that glitter is not gold !
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out