Happy New Year oil traders! I hope everyone had a profitable 2019 and will have an even more profitable 2020! I started looking at USOIL in different chart views instead of the normal 15 minute chart or daily chart. Looking at the 1 hour chart I see this nice climb in price and then this huge rounding over. I also see a divergence between the Stoch RSI and Moneyflow. Considering tomorrow is Thursday and the first trading day of the year, I am expecting that this rounding will continue to roll over as investors take profits from 2019. I put in a small position at $61.30 on Tuesday and am looking to take a small profit around $60.90 unless this goes into free fall, in which I will add to the position. I am putting a stop loss in around $62.00. This should go prior to the market open on Thursday. We'll see.
Please click the thumbs up if you agree or if this is a help to you! Thanks and have a blessed 2020!!!
Please click the thumbs up if you agree or if this is a help to you! Thanks and have a blessed 2020!!!
Trade closed: target reached:
Nice little gain for the first trading day of the year! I hope everyone has a successful day!