Weekly support and the 50% retracement come in at roughly $116.00. If this upside move is to continue, it should hold that level, in my view. I will be looking to buy around that level(116). The gold miners(GDX) are in a similar position, chart coming shortly.
A close above 104 puts 108 as the next target. The cross last traded this level in September but could not hold and sold off 400 pips down to the 100 level. Will this time will be d/f? We will see. I am looking to buy dips around 104, stopping out below 102.80. Break-even target-108 Enter trade at 104 Stop-102.80 400/120= 3.3 R/R. Note-I do not automatically...
The 16 level is a clear line in the sand. The R/R breaks down to 3/1. 22 being the target and 14 being the stop out level. I would wait for a retest of the 16 level and see what happens.