USOIL, Trade idea

USOIL, looks to be starting final leg down. I can see a three drive to a bottom trade, with a low near $42. Enter short with DWT, DRIP or similar.

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USOIL still on track for lower prices. On day 19 there is still plenty of cycle time to go lower to target. %R is getting into oversold, BUT it can remain there for some time.

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Moving as planned.

Trade closed: stop reached

I closed my position in DRIP Yesterday manually as things started moving against me.

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With support broken, this could fall all the way to the $43 area.

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Support has become resistance. Bear flag forming final push down to $43 soon.

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Flipped long at $43, now trending higher. Expecting to reach $49. 3 drive pattern.

bhowe

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bhowe

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