Option Investor
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I am still waiting for Crude to either break its March 26th swing high or its April 1st swing low. We have a lopsided but bullish reverse head and shoulder (using either the Dec 24th or Jan 20th low for the left shoulder) so the bulls have the advantage and there is a higher probability the March 26th high will at least be retested.

MACD is not giving me any indications one way or the other because it is following price and I only use the MACD when it diverges from price.

MY plan is to open a long position in Crude using the ETF USO when the black neckline breaks. Since there is very little to stop this market from the March 26th high to the next level of resistance at the magenta trendline, I expect to see a nice rally to that January 6th high at which point I will put my stop on the long position to breakeven. When/if Crude breaks the magenta line I will add to my position.

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