Long

USOIL: Hold longs!

Updated

USOIL is tracing a daily uptrend, and broke above the recent downtrend's linear regression channel. If we hold the current uptrend pace, we can expect the top key level resistances to be hit in a day or two. I'd assume we'll stall while holding support above the monthly downtrend mode in blue, so, I'll be monitoring the uptrend progress to add to it if viable, and to time our exit. I think it's possible we get an OPEC production cut agreement, which could squeeze most shorts, who don't believe it is possible, and the overall bearish retail traders.
Trump could play out as a wild card here as well, so it's worth it to keep some long exposure to energy, oil and gas in particular.

Good luck,

Ivan Labrie.

Note

bloomberg.com/news/articles/2016-11-21/oil-climbs-as-iran-iraq-signal-deal-hope-before-vienna-meeting

The world oversupply isn't a huge threat to this rally, specially not if we get an agreement to cut or freeze production. Iran is a concern but not a major one.

Note

Good move so far, I'm holding longs with stop at break even. I bought as per this chart:

Note

Added on the dip to 47.25 give or take. (price depends on your trading platform and instrument of choice, but it was close to the previous daily bar's low)

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I sold my additional long 2 days ago.
Looking to add back to it:

Note

Check out how support at the previous FOMC key level and a OPEC level at 45.30 held.

IvanLabrie

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