USO - Oil Prices are Rising LONG
Updated
USO follows the futures prices of oil barrels. On this 30 minute chart, price falls have been
rejected by the POC line of the volume profile and the Lux Algo Donchian channel has
transitioned from downgoing to trending up. The dual TF RSI of Chris Moody now shows
RSI holding above 50 in both the 15 min and 60 min TFs. Net distribution has bottomed out
and accumulation now exceeds distribution. I see this as an excellent entry to buy calls
above the money at $70 or look into shares of USO / UCO/ GUSH ETFs or look at any of
the oil sector stocks including well services which are typically small caps with great upside
volatility with price action momentum. My favorite of those is BORR which currently is trending
up and may have much of its move ahead. The ascending parallel channel of USO is perhaps
a signal for the sector at large.
rejected by the POC line of the volume profile and the Lux Algo Donchian channel has
transitioned from downgoing to trending up. The dual TF RSI of Chris Moody now shows
RSI holding above 50 in both the 15 min and 60 min TFs. Net distribution has bottomed out
and accumulation now exceeds distribution. I see this as an excellent entry to buy calls
above the money at $70 or look into shares of USO / UCO/ GUSH ETFs or look at any of
the oil sector stocks including well services which are typically small caps with great upside
volatility with price action momentum. My favorite of those is BORR which currently is trending
up and may have much of its move ahead. The ascending parallel channel of USO is perhaps
a signal for the sector at large.
Trade active
USO sideways for the time being. Watching for some momentum.Note
Note
LONG OIL TRADE TODAY:
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