Switched Oil holding (UWTI) near 40 and looking to hold long till target is reached $45.40. As you can see I have mapped out important support and resistance area using a 50% high/low method. Pivots and S/R was drawn from recent June through August High/Low as well as 2008 high to Feb. 11 this year low.
I will follow up with a short position (DWTI) when 45.40 area target is reached. I don't expect oil to go further than 42 after reaching 45.4 target. After short position, I will later look for a long position and a big move -- 56 area.