Note : I see an inverted head & shoulders pattern on USOIL which ideally will bring prices to go higher
BUY LIMIT USOIL
ENTRY @ 53.00
SL @ 51.70
TP1 @ 55.70
TP2 @ 56.00
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**Disclaimer** the content on this analysis is...
After a nice rise last week and seeing MoneyFlow still moving up and the Stochs still high, I see a little more room to grow. Looking at the chart, yes it did break through the lower limit I set for consolidation, but it bounced back. Looking for entry around $53.60 - $53.30 and believe we will see $57.00 - $57.50 (near average daily price) before another trip...
Based on Wednesday's dip and yesterday's slow upward progression, I extended the two day channel and visually see an opportunity for a small gain. The Stoch RSI is low and money flow is low, both ready to change directions. With the upward momentum in the channel, I see a buy opportunity at $52.70 with a SL at $52.50 and TP between $54.00 - $54.30.