Here's a longer term outlook on USOIL with potential supply and demand areas. For now, oil is seemingly set to test the overhead supply area highlighted with fib horizontal levels and sloping-down angle lines. Depending on the reaction upon meeting these levels, the lower demand areas might come into play. Looking to add to short risk exposure for another bullish push before meeting resistance, where some short risk exposure reduction by the institionals is expected.
Comment:
Around demand area here
Trade active:
In long @ 5497 with a 70 tick stop
Trade closed: target reached:
338 ticks booked @ 5835, a 4.8R return on this long entry.