BOIL trends up continuation expected LONG
Updated
BOIL is here on a 30 minute chart. It has reversed this week and ascended 13% with a double
bottom at 13 and 13.25 forming a resing support trendline. Volumes changed from selling
to buying. Price bounced off the ATR- stop loss in its pullback and now appears poised to
break through the moving average channel and get support after that cross-over.
I will take a long trade here with a stop loss of the pivot low of 14 while targeting the
upper boundary of the Keltner channel at 15.25 for two-thirds the position with the remainder
to run to try to reach 37 , the pivot high of January. As a leveraged instrument, BOIL is very
volatile and needs extra care in the trade.
bottom at 13 and 13.25 forming a resing support trendline. Volumes changed from selling
to buying. Price bounced off the ATR- stop loss in its pullback and now appears poised to
break through the moving average channel and get support after that cross-over.
I will take a long trade here with a stop loss of the pivot low of 14 while targeting the
upper boundary of the Keltner channel at 15.25 for two-thirds the position with the remainder
to run to try to reach 37 , the pivot high of January. As a leveraged instrument, BOIL is very
volatile and needs extra care in the trade.
Trade active
On the move up, I have rased the stop loss to above break even assuring a risk free trade. Full position for the weekend. Partial profit after the new buys on Monday.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.