Chart Resistance Intact and Price Target in play ONCE AGAIN! 50% Fibonacci, mid quad on monthly. USOILWTI CL_F #OIL #OOTT USO UWT DWT
This is the forth month in a row the candles have come up to the mid trading quad on monthly chart (resistance until breached). Actually, technically this month price hit 200 MA and came off short side again - WHAT A GREAT TRADE.
This also represents a 50 % retracement on the oil monthly chart (resistance until breached).
And finally the 200 MA resistance test is currently at work (per previous months also).
Most likely price target is marked on the chart with red circle.
Sunday night futures I will be near-term long bias (our main algorithm model EPIC is showing near term support possible) - BUT BE SURE TO TRADE PRICE.
For more detail on the time cycle peaks for your trade, price targets, and support / resistance points relating to your personal trading plan contact me with any questions you have.
Best and peace!
PS Remember to trade price - if the trade goes against you it is always better to take a small loss than be married to a bad chart / stock.
Monday I will be live broadcasting this trading set-up and other chart set-ups documenting my process in detail for review w/ daily PL's, video, charting set-ups and alerts.
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