The setup I am watching this morning is the USOIL. It seems like that oil is getting ready for a dive. I am seeing a bearish pin bar on a resistance level. I will probably be looking to enter in a short trade around 47.15 if the market conditions are favourable. Thinking of placing my stop loss probably above 47.80. My first target could be the level of 45.80 (very low R:R). Depending on how the price reacts to this level, I might consider the next target, which in my eyes is 45.00. If a lot of buyers do not show up, oil could easily go down to 42.00. I will continue monitoring this instrument and decide what to do later in the day.
USOIL
USOIL