USOIL FOCUS - is Bullish/Buy!Dear traders,
Here is your USOIL Focus for today.
Remember? When USOIL hit rock bottom ($0 per barrel), well, did you go long then? No! Here is another chance.
USOIL is in a daily bullish ascending triangle pattern, with the first bottom after the peak established at $57.25, second at $60.90 (78% Fib bounce), and the recent one at $61.70 78% Fib level). Price is now at the triangle’s ceiling resistance, and with that, we anticipate a rejection to the 78% Fib level ($62.65) where price will most likely bounce from.
Our 1st Buy Liimit is placed at $63.46 (with a 1% risk position size)
Our 2nd Buy Liimit is placed at $62.62 (with a 1% risk position size), totaling a 2% risk, should both positions get filed.
We have three Take Profit levels; TP 1 at triangle’s resistance, TP 2 at $67.78, and TP 3 at $69..22
Our Stop Loss is placed at 61.98
Remember! INFLATION!
Thank you. Like & Subscribe.
Trade Smartly.
