USOIL: Long term and intermediate term viewI'm holding oil longs, and exposure to oil via correlated equities, and looking to ride the upcoming trend. It is likely to see a breakout in the short term, this might ignite a monthly, and potentially quarterly uptrend continuation signal. This falls in line with what the quarterly downtrend suggested, time and price wise. The price target was exhausted ahead of time, and after that we saw a strong rally, and for a long time, we have been in a consolidation and accumulation phase. The expected time to consolidate before rallying was reached now, so, it is highly probable to see a massive rally in oil from here onwards.
Daily charts show an already active uptrend, and a continuation signal after a pullback. Bears might get squeezed in little time. The potential upside is huge, so, don't miss it. If you didn't buy oil yet, you can try buying on dips, or at market open, and averaging in for a couple days with a wide stop under the recent lows. Energy stocks are also a good idea, you would have to do your own research here, but, focus on companies that have strong correlation to oil prices.
Best of luck!
Ivan Labrie.
