USOIL started this week off and members knew that this was coming but I anticipated higher than the string supply/demand zone of 104.60 which has been a key point for USOIL in the past few months. Right now I see the follow, a "V SHAPE" recovery which is usually a bullish sign but also sellers have failed to make a %100 retracement of the bullish leg we saw at the start of the week and now we have a new higher low we and equal high.
USOIL is bullish overall but it's currently having a correction which has been long anticipated, the key points to focus on in this current structure are $111.50 (SWING HIGH) and $90.50 (SWING LOW) so we have a very broad range of movement. From the roll overs we started off with a gap which I think will be filled before we see the next move down (gaps are usually filled before price breaks structure).
Next week I will be targeting a long position form the bottom zone all the way up to $107.70 which if this goes to plan I will open a swing short. If $92.00 broke solidly on the daily before the gap fi;;ed then I would look to short that level.
Didn't take many USOIL trades this week due to it's choppy price action, we took one long which was stopped out around 90 pips.