USOIL: Intraday view

USOIL has rallied after the dip that started last Friday bottomed against support. Like I explained in my futures chart, shorts could get trapped if price were to move above the level I labeled in it, and, moving above Friday's close, would warrant a long trade too. The long trade idea is working, and now we're faced with a few possibilities going into the OPEC meeting.
Two things can happen:

• If price doesn't gain momentum and break above 48 within the next 3 hours, we could see it drop back to support at 46 give or take. This would warrant a buy as well, risking a new daily low perhaps.
  
• On the other hand, if price moves above 48 soon, and stays there on close, then we can probably get a breakout trade, a 'Time at mode' signal in the daily timeframe, taking off after the OPEC meeting is out of the way (this is probable, but I'd rather buy more on dips).
  

If you're flat, wait for a dip to enter against 46 give or take, or, wait for the breakout trade signal...or short $USDCAD at market with a half position, and stops above at least 1.35125 (or higher) and be willing to add after today's close, if we get a retracement over 1.3450 with the same stop.

Good luck,

Ivan Labrie.

Kommentar:

As expected back to support. We can look for buys around here soon. If you were short, cover shorts now. I'll update if I take the long entry.

Trade ist aktiv:

We're long from around here. Last: 45.89 -bought a tad lower-

Kommentar:

Sellers trapped, we can hold longs for a while. I'll watch to trail stops and add soon.

Kommentar:

Above all resistances, we can rally over $50 now.