USO 60 minute Nov 26th
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.
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Happy Thanksgiving!!