USO (Crude Oil ETN) offers an objective short entry on this backtest of the primary uptrend line off the Dec 24th lows following Friday’s impulsive breakdown below it. As such, USO will be added as an Active Short Trade around current levels.
USO 120-min April 30th
The price targets for this trade are T1 at 12.92, T2 at 12.56 & T3 at 12.15. The suggested stop is any move above 13.81 (i.e.- a print of 13.82 or higher). The suggested beta-adjusted position size for this trade is 0.90. If using any of the inverse (short) leveraged crude oil ETNs, such as DWT (-3x) or SCO (-2x), make sure to factor the leverage into your position size calculation.
CL 60-min April 30th