USOIL Long Trade Opporunity

For now, USOIL has reversed from a proximity test of the $90.00 handle. As long as today’s top in USOIL remains intact at $89.70, there is one key level on my radar:

Daily 38% Fibonacci Retracement, $86.74

If we see USOIL continue to retrace, a scalping opportunity may come into play. Buys from $86.79 should produce a quick 12 pips profit on a 1:1 risk vs reward bounce.