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USO is in a sweet spot on its chart LONG
United States Oil Fund
Long
USO is in a sweet spot on its chart LONG
By AwesomeAvani
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Updated
May 29
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Feb 28
USO while the middle east, the Houthi rebels and the Suez Canal shipping quagmire affect
oil liquidity globally and prices at the pump continue to be volatile the federal government
seeks contracts to restore the national strategic reserves depleted in the last supply demand
challenge while the presidential and congressional election cycle starts warming up.
On the weekly chart, USO has just crossed over the long term anchored mean VWAP line
as well as the POC line of the volume profile. This is a bullish momentum move. Price is
situated in the middle of the high volume area showing expectations of decent trading volume
and liquidity. I see this as an opportunity to take long trades in oil or anything oil related.
CVX is on sale after a drop after the morning open. i will look at oilfield services stocks, big
oil and oil futures.
Feb 28
Comment
See also
Apr 15
Comment
May 29
Comment
LONG OIL ENTRY TODAY :
anchoredvwap
bigoil
Economic Cycles
MRO
oilfieldstocks
oilfutures
OXY
Seasonality
volumeprofileanalysis
Volume
XOM
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