Oil on the USO etf fired an official buy signal buy closing above the CBL and 50 day moving average Monday. Tuesday we needed price to hold above $18.33. At the open is was slightly below and then progressed higher all day. You can click here to see the 5 minute chart. So it is time to officially bottom fish and bet on higher prices. The safe play is the buy this etf, USO. If you really want to roll the dice, then you buy the UWTI which moves 3x as fast up and down when prices do move. You have to be careful here, because it moves fast, the UWTI.
Stop loss. So if you get in, you need a bail out point in case you are wrong. I use the CBL backwards to give me that point. The stop loss on the USO is $16.93.
Good luck if you venture into this.
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