USO Likely to Bounce

USO is likely to bounce up to the 14.68 area before any significant pullback. Just went long with a relatively tight stop, planning to take profits just below the 14.68 resistance level. This is not an official trade idea (i.e.- will not be added to the Active Trades category), just sharing a potential quick trade opp for those interested.

The reasoning for my entry was three-fold:

  1. Pullback to the 50% Fibonacci retracement level
  2. Pullback to horizontal support (Monday's reaction low)
  3. Break above the bullish falling wedge pattern on this 5 minute chart.
USO 5 minute Sept 2nd

USO 5 minute Sept 2nd

Sep 2, 2015 12:45pm|Categories: Completed Trades - Long|Tags: |Comments Off on USO Likely to Bounce