/CL (or USO) offers an objective long entry here at the 69.54ish support and/or* a breakout above the bullish falling wedge with positive divergences on this 120-minute chart. Stops would be somewhat below this support, using a favorable R/R commensurate with one’s preferred price target(s).
CL 120m June 24th
*and/or means a case for an objective long entry can be taken here at support, with either a partial or full position, or one could wait for a breakout above the downtrend line/bullish falling wedge pattern before initiating or adding to a partial position here at support (my preference).
I also just took starter positions in gold, silver, & GDX, which are also at support (my final price targets for GLD, SLV, & GDX from the recent swing short trades based on the daily chart) with positive divergence. Additionally, the $US Dollar ($NYICDX) just hit my 101.85 price target, which I highlighted in recent videos following the breakout above the 110.55 resistance. As such, a pullback in the $USD would most likely correlate with a bounce in the metals & miners (many of which are also at or near support). Video to follow covering the PM’s & miners asap.