USO Oil Short
Updated
USO on the 60 minute chart is currently in a broadening wedge and reflecting down off a
reversal at the upper resistance trend line. The MACD lines have crossed over the histogram
and are trending down showing moving average convergence. Price is between the mean and
first upper band lines and moving down toward the former. Current factors at play include
an OPEC+ meeting, Russia working around sanctions, increased demand of the summer driving
season, federal rate action projections as well as those in Europe and the ongoing conflicts in
the Middle East. I will short USO here targeting 74 at the bottom of the wedge pattern.
reversal at the upper resistance trend line. The MACD lines have crossed over the histogram
and are trending down showing moving average convergence. Price is between the mean and
first upper band lines and moving down toward the former. Current factors at play include
an OPEC+ meeting, Russia working around sanctions, increased demand of the summer driving
season, federal rate action projections as well as those in Europe and the ongoing conflicts in
the Middle East. I will short USO here targeting 74 at the bottom of the wedge pattern.
Note
Zoom in :Trade closed: target reached
Trade closed in profit at price of 72. now watching for a reversal long.Note
Long Entry taken targeting 78.5 at the top of the wedge.Note
Price moved higher. Stop loss raised to stop even. Risk free trade.Trade closed: target reached
USO now readying to reverse again.
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