A huge dip today on USOIL has given a great opportunity to enter a long position with targets at $59.21 and $62.65.
It seems like we're coming to the end of the correction from the February low of $26; and we've completed all but the end of wave C (4 out of 5 waves) - with the dip showing 2 out of the 3 waves of wave 5 have run their course. The move downwards bounced off the 0.5 Fibonacci line and we're still sitting above the EMA.
Alongside this, the RSI is showing a similar pattern when wave A occurred and, still in the channel, there is enough technical reason to be happy entering a long with eyes on $60, and a relatively tight stop loss.
Happy trading!
It seems like we're coming to the end of the correction from the February low of $26; and we've completed all but the end of wave C (4 out of 5 waves) - with the dip showing 2 out of the 3 waves of wave 5 have run their course. The move downwards bounced off the 0.5 Fibonacci line and we're still sitting above the EMA.
Alongside this, the RSI is showing a similar pattern when wave A occurred and, still in the channel, there is enough technical reason to be happy entering a long with eyes on $60, and a relatively tight stop loss.
Happy trading!
Trade closed: stop reached
Trade void.Could well be heading to $40 (wave B); before we head towards $60.
Trade active
After what seems like a completed wave B; looks like we're back on to tackle previous highs.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.