USOIL -0.09% is seemingly about to pull a major trend reversal on the 5H timeframe. The 6780 area resistance is the first zone that bulls need to clear to pave a way to the gap area around 6850. Currently the 5H shows a pullback formation within a bear trend. If sellers persist, they will add shorts around the aforementioned resistance area of 6780. If demand takes over, a good chance of testing the gap area. Also, USOIL -0.09% is below the 150 day EMA , this is the make or break area for longterm trend.
Trade active
Long @ 6710, a 70 tick stop @ 6640 & 1R-3R targetsTrade closed: stop reached
1R lossTrade active
Another try at long position @ 6655, a 26 tick stop @ 6629, 1R-3R targetsNote
1/2 position closed @ 6607, a 2R target. Breakeven the previous loss. Remaining half of the position is left open for further upside with the same stop, which transfers to a 0.5R.Trade closed: stop reached
-26 ticks on remaining half, which transfers to 0.5R loss on these series.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.