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US OIL - Quick take series 3

G'day Traders and Analysts,

Breakdown:
1. Note
2. Contents/Warnings
3. Research breakdown
4. Education recap
5. Information on Lupa.

A Note before reading - this is a forecast analysis - based upon our trading strategy. This is tagged long, due to purchasing further increments upon imbalances. USOIL is an investment, so here is the technical and logical analysis behind the long term investment.
Please do not take this as face value and conduct the relevant investment strategy to successfully trade the probabilities.

Risk Warning
Trading leveraged products such as Forex, commodities and CFDs, carries with it a high level of risk and so may not be suitable for every investor. Prior to trading the foreign exchange, commodity or CFD market, consider your investment objectives, level of experience and risk appetite. You should never risk more than you can afford to lose. If you fail to understand or are uncertain of the risks involved, please seek independent advice and remember to conduct due diligence.

Master Key for zones

Red = Three Month
Blue = Monthly
Purple = weekly
Scarlet [Red] - Four day
Orange = Daily

Monthly
Add positions upon the following, clear directional sell hedges
Confirmation upon the daily
Higher timeframes provide a clearer image.
Look for a three box setup, whereby draw your imbalance, a upper and lower confidence correctional move and set alerts, limits.
The strong imbalance lays within the $57 - $67.5, whereby the monthly level has been tested leaving netting wicks upon the imbalance body highlighted.

Box 1 being imbalance
Box 2 being correctional pullback to retest an imbalance.
Box 3 Target profit at an imbalance
Weekly
The weekly shows the strong whipsaw effect for the bearish indication however this ultimately created the activation for further longs to be added. With imbalances, these are always tested.
Due to a first test needing a solid rested, the daily will present a closer look to the whipsaw movement [1]
[1]
There is a clear downward movement which applying a Fibonacci shows a strong squeeze of price fluctuating between the 70.5 Fibo pivot and the "0" daily level. Price targets aligned with the -0.27 Fibonacci.
From the Squeeze, price had broken out and confirmed a daily close with a strong engulfing candle.
October analysisBuy Zone was between 61.8 - 66.8 $

Daily Chart - buying from the retrace.
Price had made a great opportunity here for a buying opportunity whereby price will test the new established Daily imbalance.
The price has shown now a breakout of the downward corrective channel. [2]

see here [2]
The current daily chart
This shows three potential areas whereby price has clearly marked three daily imbalances - two of which are stronger zones. [review below 3].
Price originally broke from the channel, and reached the desired $80 zone, where a strong pivot is reached at a strong first touch of the -0.27 or on the monthly chart a top of the previous sell off initiation.
Price begins to pivot off the fresh level and reverts back to a strong pivot, which is linked close to "0" of the Fibonacci monthly sequence. This offers a daily imbalance and weekly combination. On the daily, this retests the "0" and also follows the continued downward trendline - which presents an opportunity to create a buying discount.

** Imbalances always retest.
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