I believe that if you're able to get oil at any price under 20$ pr barrel, then you're getting a great price. Which means that I would recommend taking long positions for USOIL right now.
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Just took my first long position, but considering the current problems regarding "The Great Lockdown", I will use a wider stop loss than I otherwise would have. But I believe the current price is too good to turn down.
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Target is around the 60$ pr barrel area, and stop-loss is around the -30$ pr barrel area.
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- My price for the first position was 11.375$.
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Stop at B/E
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1) If it falls all the way down to 10$ pr barrel, then I would place my order.
2) If never fall towards lower prices, then I will take long positions whenever it touches 20$ pr barrel.