Oil Buy Signal

FX:USOIL   CFDs di Minyak Mentah (WTI)
We saw perfect deleration on the USOIL daily chart mid week which was then followed by picture perfect technicals on the 1hr and 4hr with a inverse H&S formation.

We finished the week off with a nice low test rejecting the .5/.618 retrace area from the Feb low to june high aswell as KEY support at $40. This appears to be an obvious right shoulder within the inverse H&S formation. All together these are some of the best tech's I've seen in quite awhile.

Trade management:

  • First major level of resistance lies around 49~ at the neck. If we close above this on the monthly we'll likely come back to retest the level offering a great opportunity to scale in.
  • Second level of resistance lies at 60 where the high for 2015 was formed. Monthly close above this should then send us up into the 200/250 ema .
  • Final and long term resistance sits around $69-$70. We'll likely form a high here which will also coincide with the dollar bottoming out. I plan to exit here unless circumstances change dramatically with the techs to confirm such.

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