As seen on the graph the Bollinger bands and the support lines point towards a long position on US OIL (WTI). The Stochastic RSI is also indicating a long position should be placed soon after the lines break the lower dashed line and continue upwards.
The support level around $51.29 is the bottom line. As the price rebounded and is going upwards, we recommend waiting for the Stochastic RSI Lines to cross into the purple zone to further secure an increase in the price of the oil.
The placing of the long position is suggested around 53.94. With a Take Profit below the upper support line at 60.45 approx. and Stop Loss below the lower support line around 50.73. Resulting in a Risk/Reward ratio of 2.03
The support level around $51.29 is the bottom line. As the price rebounded and is going upwards, we recommend waiting for the Stochastic RSI Lines to cross into the purple zone to further secure an increase in the price of the oil.
The placing of the long position is suggested around 53.94. With a Take Profit below the upper support line at 60.45 approx. and Stop Loss below the lower support line around 50.73. Resulting in a Risk/Reward ratio of 2.03