USOIL has been moving lower, so where is a good spot to enter? Look at the attached chart. I see a possible double bottom at or around $13.73. I have an alert here, if it hits I'll look closer. I bet it hits. I also have several other USOIL charts, all look for lower prices below $40.
The recent bounce on 8/4 and 8/5 have me thinking that we are close enough to the double bottom. I bought UWTI and GUSH on 8/4. Going long Energy and Oil
OIL seems to have completed its dropping prices. With this as a start of a ICL we should see higher highs. I expect higher than 40 on UWTI which from here is 100% gain.
Rebound Today with volume makes me think we are moving higher for sure.
See my other update for status and target
Resistance zone (red area) was expected. Will hold and wait for next run higher.