Good morning everyone,
USOIL is poised for another leg higher in order to complete the corrective strcuture that's been developing ever since the last down impulse. Thus, watch for long setup that's forming, either by buying at the low of the flag (riskier) or when it breaks out (safer). Anyway, the first target is the break of 114,8 level when we would start looking for downside. Given the lack of liquidity in oil markets thanks to huge volatility, the probability of price overshoots is high, so keep your stops tight.
Wish you all the best trades,
PTFX
Disclaimer: This post does not provide any kind of financial advice. It is for educational purposes only and solely supported by my understanding of the technical figure based on wave theory.
USOIL is poised for another leg higher in order to complete the corrective strcuture that's been developing ever since the last down impulse. Thus, watch for long setup that's forming, either by buying at the low of the flag (riskier) or when it breaks out (safer). Anyway, the first target is the break of 114,8 level when we would start looking for downside. Given the lack of liquidity in oil markets thanks to huge volatility, the probability of price overshoots is high, so keep your stops tight.
Wish you all the best trades,
PTFX
Disclaimer: This post does not provide any kind of financial advice. It is for educational purposes only and solely supported by my understanding of the technical figure based on wave theory.
Trade closed: target reached:
Trade closed, target reached.