Capitulation has been the story today, with most asset classes selling off. USOIL hasn’t been spared as WTI futures are deep in the red. Although the long and intermediate-term biases remain bullish for oil, sellers are winning the day.
A key 38% Fibonacci retracement level is coming into view on the weekly timeframe:
38% Retracement, $79.59
Here’s a potential buy-side trade idea for this week:
Buy USOIL from $79.64
Set stop loss at $79.14
1:1 risk vs reward, profit target @ $80.14
This is a short-term, trend-following recommendation.
A key 38% Fibonacci retracement level is coming into view on the weekly timeframe:
38% Retracement, $79.59
Here’s a potential buy-side trade idea for this week:
Buy USOIL from $79.64
Set stop loss at $79.14
1:1 risk vs reward, profit target @ $80.14
This is a short-term, trend-following recommendation.