USOIL has been moving lower, so where is a good spot to enter? Look at the attached chart. I see a possible double bottom at or around $13.73. I have an alert here, if it hits I'll look closer. I bet it hits. I also have several other USOIL charts, all look for lower prices below $40.
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The recent bounce on 8/4 and 8/5 have me thinking that we are close enough to the double bottom. I bought UWTI and GUSH on 8/4. Going long Energy and Oil
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OIL seems to have completed its dropping prices. With this as a start of a ICL we should see higher highs. I expect higher than 40 on UWTI which from here is 100% gain.
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Rebound Today with volume makes me think we are moving higher for sure.
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See my other update for status and target
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Resistance zone (red area) was expected. Will hold and wait for next run higher.