USOIL: Weekly uptrend signal pending confirmation
Updated
If we see oil hit the 47.99 handle before the close on Friday, we can expect a sizeable rally to take place. If we do break above the monthly resistance above, validating this signal, the targets are, in order of probability: 58.21, 65.63 and 80.67.
Right now, this would appear like a mad man's delusion, but, it's what the chart shows as logical, and probable if all trade parameters are followed.
The next step, if you took the long when I called it, is to let the trade run, for the next two weeks, examining activity to validate the uptrend, or discard it.
Stay tuned for updates,
Ivan Labrie.
Right now, this would appear like a mad man's delusion, but, it's what the chart shows as logical, and probable if all trade parameters are followed.
The next step, if you took the long when I called it, is to let the trade run, for the next two weeks, examining activity to validate the uptrend, or discard it.
Stay tuned for updates,
Ivan Labrie.
Note
Leave a comment below if you caught the entry from my previous 2 ideas.Note
We hit the range expansion threshold today in the weekly chart. Daily close was right above the Jackson Hole key level, so we have good odds of continuing higher.Good luck!
Note
We'll add to 
USOIL by Friday Note
Daily target for today might not get hit:We can either close half, or simply wait and add if it dips.
Trade active
The weekly chart has a valid long setup here, stop at June 24th's daily low (Brexit).2.72R potential or more. Risk 0.5-1%
Note
Holding this position for the long term.Additionally I'm taking swing trades without closing it.
This is good: bloomberg.com/news/articles/2016-10-10/russians-and-saudis-pledge-joint-effort-to-limit-oil-production
Add to it EIA data on Wednesday and we'll have a massive surge.
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