USO was recently overextended at the RSI30 area and the price bounced at a common major support level @ 10.67 area. Price action is now breaking above previous resistance @ 11.12/11.13 level (reference 5min chart for clearer view). Price also broke above the EMA10, and is re-testing resistance @ EMA21 key level on the 4 hour chart, signaling the uptrend may continue if price breaks out above EMA21.
Possible entry:
@11.19
If intraday momentum supports uptrend and price action on 4 hour chart breaks above the EMA21
Stop: any break below back into consolidation area around 11.02 @ -1.38%
Exit: target SMA200, based on USO history, SMA200 is known to act as a major resistance level on the 4 hour chart. 11.61 area @ +4.07%
(OR) exit @ any "end of day close" below the EMA10 during uptrend. Convert stop to this trailing stop if short term uptrend above EMA21 confirms.
Possible entry:
@11.19
If intraday momentum supports uptrend and price action on 4 hour chart breaks above the EMA21
Stop: any break below back into consolidation area around 11.02 @ -1.38%
Exit: target SMA200, based on USO history, SMA200 is known to act as a major resistance level on the 4 hour chart. 11.61 area @ +4.07%
(OR) exit @ any "end of day close" below the EMA10 during uptrend. Convert stop to this trailing stop if short term uptrend above EMA21 confirms.