USO is in a Descending Triangle with the 2 lows at the 38.2% retracement level of $11.05. A break of resistance at $11.60 would be bullish, so I have a buy order at $11.65. Breaking support at $11.05 would be bearish, so I set a sell order at $11.00. On a breakout, first resistance on a rise is at $11.98, then up to $12.45. First support on a drop would be $10.76, then down to $10.47.
Monday, February 13, 2017
Chart 2: USO Descending Triangle
USO is in a Descending Triangle with the 2 lows at the 38.2% retracement level of $11.05. A break of resistance at $11.60 would be bullish, so I have a buy order at $11.65. Breaking support at $11.05 would be bearish, so I set a sell order at $11.00. On a breakout, first resistance on a rise is at $11.98, then up to $12.45. First support on a drop would be $10.76, then down to $10.47.
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