USOIL Long

Using Fibonacci's on the monthly chart, you can clearly see that OIL is currently sitting on 38.2 Fib's which indicate a possible retracement. The descending channel also shows that OIL may be have achieved a Lower Low given its current down trend, so more upside is expected. Another reason to go Long is that it is currently sitting at a major support level which has been respected many times in the past since January 2015.

Overall, you can expect USOIL to reach to resistance, within the descending channel.
My target profit will be set at 50.00, stop losses right under the channel at 43.70 and finally an entry at 44.90 once a breakout of consolidation on the 1HR chart occurs.

Comment:

Stop Losses have been hit, but given the strong candle today after crude oil inventory news, Oil is set to surge for a couple of weeks. I have re-entered this trade at 43.7 with stop losses at 44 and a TP1 at 47, TP2 at 48.5 and finally TP3 at 50, which was my initial idea.

Good Luck for those who will be taking this again!!!! :D

Order cancelled