USO (crude oil etf) is currently backtesting the bullish rising wedge pattern following the recent breakout. My expectation is for a successful backtest (i.e.- prices reverse soon & move higher) but if that does not prove to be the case, the suggested stop criteria for this trade remains a 3:1 R/R calculated on the average entry price to the one’s preferred price target (T1 – T4).
As this updated 60 minute chart notes, bullish divergences are still in place as USO prints this marginal new low. As such, USO still offers an objective new entry or add-on with the appropriate stops set not too far below this backtest level.
On another topic, there are a few administrative items to mention: First, I will be leaving town today for the Thanksgiving holiday, returning over the weekend. As such, market analysis & trade updates will be few, if any, for the remainder of the week.
Next, it has recently been brought to my attention that some users may be experiencing intermittent or ongoing issues when trying to access Right Side of the Chart. We are currently working on determining the cause and extent of this issue and would appreciate any feedback from anyone who has recently or currently had issues accessing the site. If so, please click here to contact us, providing any details such any error messages, your location and the frequency of the issue.
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