OILU an ETF for OIL - Leveraged and Long

OILU is a risky high volatility ETF on oil exploration and production. Where there are risk

and volatility there can also be plentiful profits. On the 4H chart,OILU can be seen breaking

up through long-term anchored VWAP bands in a trend that began in mid-May. Price is

now approaching the mean VWAP lines. The POC line validates those VWAP lines coming in

at nearly an identical price level. On the MACD, negative amplitudes have gradually decreased

in a fashion consistent with bullish divergence. The RSI indicator shows the MTF RSIs to be

in mid-range suitable for taking an entry without evidence of oversold or overbought

parameters. Fundamentally, a variety of factors including

OPEC the re-emergence of the Chinese economy, Russia's war fear of a recession causing a

decrease in demand for oil all have contributed to a mixed picture. The chart is suggesting

a long trade to me and so I will take up the suggestion. I will set a stop loss at the recent

pivot low of $32 while targeting the highest VWAP band at $47. I will raise the stop loss

to break-even when price hits $38 while respecting the ATR and volatility. I see this as

a safe trade with a potential upside of about 33%