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:
- Pullback to the 50% Fibonacci retracement level
- Pullback to horizontal support (Monday's reaction low)
- Break above the bullish falling wedge pattern on this 5 minute chart.