USOIL - Bullish Engulfing
USOIL has formed a 100 score long trade setup on the weekly timeframe. This trade setup is confirmed by a bounce off a very strong support level, a very strong Bollinger Band outbreak, and a significant Bullish Engulfing. TP set at previous highs. I may exit early as there is a down-trending resistance line formed by the previous highs. I will wait to see how price acts around this level. Safe to enter now, or wait for a pullback for a lower risk entry. SL set near previous lows. Lower risk to reward ratio than I would like, however this trade setup is too strong to ignore in my eyes.
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