Oil Buy Signal

FX:USOIL   Crude Oil (WTI)
We saw perfect deleration on the USOIL             daily chart mid week which was then followed by picture perfect technicals on the 1hr and 4hr with a inverse H&S formation.

We finished the week off with a nice low test rejecting the .5/.618 retrace area from the Feb low to june high aswell as KEY support at $40. This appears to be an obvious right shoulder within the inverse H&S formation. All together these are some of the best tech's I've seen in quite awhile.

Trade management:

  • First major level of resistance lies around 49~ at the neck. If we close above this on the monthly we'll likely come back to retest the level offering a great opportunity to scale in.
  • Second level of resistance lies at 60 where the high for 2015 was formed. Monthly close above this should then send us up into the 200/250 ema .
  • Final and long term resistance sits around $69-$70. We'll likely form a high here which will also coincide with the dollar bottoming out. I plan to exit here unless circumstances change dramatically with the techs to confirm such.

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