There is a beautiful trade setup on US Oil on monthly chart.

I wish we could trade it on Demo Contest here.


Technical Details of the Setup:
The Monthly Chart of US Oil, currently trading at 79.87 at the time of writing this blog entry, clearly suggests that is all set to go high, of course after finding a bottom at around 71 to 79 area.

Stop Loss: $64
Entry: $71-79 (Scale In at 77.5 and 71)
Target: $121 (Scale Out at 91, 105, 112 and 121)
Risk to Reward: Upto 1:7

Current Week Review: US Oil got one demand zone on Weekly till 77 levels. So a bounce from these levels to 91 is possible.

Let's expect this move to continue for three months atleast, with halt at Harmonic Level of 91, 105, 112 and finally achieving the target of 121.

Fundamental Review: Winters are coming, Oil demand in emerging economies and developed world should push the prices higher once supply is unable to meet increased demand.

Conclusion: Whether you are a long term trader, or a short term one, either way going long on US Oil is the way all set to give us gains in coming days.

Lets see how it goes.
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