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USO Oil ShortUSO 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.
AMEX:USOShort
by AwesomeAvani
USO - Oil Prices are Rising LONGUSO 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.
AMEX:USOLong
by AwesomeAvani
USO is in a sweet spot on its chart LONGUSO 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.
AMEX:USOLong
by AwesomeAvani
1
USO / UCO a play on barrel oil shock LONGUCO is shown here as a one month trend - It is sitting on the rising support tendline about 2% below the recent high. Oil prices contribute to inflation. Anyone in the USA is aware of gasoline prices at the pump. Geopolitics plays into price. At present, US Navy warships are consuming refined oil and heading to the Middle East. Iran and Russia are sanctioned and must sell oil on the global market ( primarily India and China ) at artificially low prices. If Iran retaliates against Isreal, its oil infrastructure will be bombed back into the Stone Age in less than a day or two by the US. Global oil prices will spike nearly instantly from spot oil to futures. US Domestic producers will benefit ; the insane net cash flow to them will dramatically increase quickly. Russia will sell more oil to make up for Iran being taken off supply but will not capitalize so much given the sanctions. The price of oil will likely go north of $100 USD / barrel and potentially higher. Iran could go nuclear and any residual oil infrastructure would be turned into a quagmire of scrap metal in another day of work for the US Navy bombers and the fighter jets that escort them into strategic missions. Defense contractor stocks will spike as well. This could be a black swan event. My trading dictates that I add to my positions and average in until price goes against my idea. I am increasing my positions in gold and silver along with ETFs inversing the indices banks and financial stocks until the dust is settled. This includes any plays on VIX. I will also look at individual domestic oil stocks as well as junior precious metal miners.
AMEX:USOLong
by AwesomeAvani
5
USDUSD Oil Prices react to Middle EastOn Thursday January 11th ( earlier today) WTI Crude prices gyrated widely likely in reaction to US /UK intervention on the terrorists who seized a tanker on the behalf of Iraq in the Red Sea / Suez Canal area putting shipping and supply concerns into the oil industry to offset any weak demand. The 15 minute chart shows a megaphone pattern as a demonstration of waves of relative volatility in price action. I have a position shorting oil and will now close that position as I see a long entry developing here. US companies that use rail and pipeline matching domestic production to consumption are less impacted by this oceanic shipping issue. I will focus on them especially. OXY is at the top of the list and then MRO.
EIGHTCAP:USOUSDLong
by AwesomeAvani
6
CVX drops and then starts to recover LONGCVX today dropped suddenly for unclear reasons. The possibility of a Israeli - Hamas War cease-fire may have led to expectations that oil prices would fall as the shipping quagmire in the Red Sea might stabilize. Later in the day OPEC+ announced a raised target of $ 1.00 per barrel higher which on balance seems to be an offset maneuver. CVS in the drop lost 2% printed a bear flag in about 90 minutes. i will use this opportunity to buy some all options for September after the height of the summer driving seasons to add to my positions in the futures ETF USO and OXY.
NYSE:CVXLong
by AwesomeAvani
MRO US Oil LongThe US Energy Department has announced open bids for oil contracts to replenish the national strategic reserve which was depleted during the prior run up on global oil prices. This is a sure sign that the feds think that spot oil has but in a bottom especially in the context of shipping disruptions and higher insurance costs due to terrorism /piracy in the area of the Red Sea and Suez Canal. In the meanwhile two South American countries are having sovereignty disputes over oil fields and the British Navy is offshore to buttress the interests of Guyana. MRO is a domestic oil producer that is independent of Middle East issues. Its oil is consumed mostly in the US with a little shipping to Asia only. On the 50 minute chart, price downtrended from January 3th through and then below the high volume area of the volume profile. Price has reversed back up and reapproached the evolving high volume area. The dual TF MACD ( by Chris Moody) shows moving average divergence. Chris Moody's dual TF RSI indicator shows the faster TF RSI rising over the slower TF RSI as a sign of bullish momentum. I have taken both a stock and call options position in MRO having zoomed into the 15 minute TF for a good entry. Given the level of challenges current geopolitics presents to smooth flowing and inexpensive shipping of crude oil, I am expectant of significant gains in these positions. I have also looked into a position in OXY and CVE, which is a Canadian crude producer.
NYSE:MROLong
by AwesomeAvani
2
USO US Crude OIl ETF trending down SHORTUSO on the weekly chart over the past two and a half years makes a symmetrical triangle patter with the upper and lower trendlines drawn in. Price appears to be dropping out of the pattern in a breakdown and she now yet tested the prior support trendline as resistance. The Stochastic RSI and Zero Lag MACD are confirmatory. The Relative volatility indicator shows downward volatility exceeding upward for six weeks now. Putin just met with OPEC+ in Saudi Arabian. It is doubt that the OPEC+ has the fortitude to cut supply to force prices higher. Dropping the price of oil nicely supports global efforts to stymie inflation for the good of all except perhaps OPEC+ and Big Oil. I will take a short position in buying put options on USO. I will strike $ 60 because the puts will be cheaper and I expect the price to drop below that into a volume void on the profile and not be easily able to get above the volume shelf at $63 where I will set the stop. I am targeting $35.00 which is comfortably above the volume profile POC line. I will take an expiration next July during the presidential nominations. Politicians are also wanting oil prices to drop to keep voters happy. All goepolitical events will have a bid in the price action of the puts.
AMEX:USO
by AwesomeAvani
UCO a crude oil ETF LONGUCO popped in April and then dropped into a consolidation in May and June where it set up a base shown by the POC line on the volume profile. Once over the POC on July 6th on the daily chart coinciding with a golden cross on the HMA 56/210 combination the bull trend began. The dual time frame RS lines in the 60s suggest more to come. I am trading UCO and similar oil-based instruments including USOUSD or forex in the near term until I see signals of a topping that are not yet evident.
AMEX:UCOLong
by AwesomeAvani
3
SDRL an oil services and support company LONGSDRL is a Scandavania / UK-based company supporting offshore oil drilling projects. On the daily chart I have drawn a green support trendline and a red resistance trendline from the higher weekly timeframe. Fundamentally- it has had two consecutive earnings beats. Per Tradingview, the average analyst has a price of $45 as a target and technically it rates Strong Buy. On the chart, SDRL is sitting at the confluence of convergence of moving averages with the POC line of the volume profile and inside a symmetrical triangle which could be considered as demonstrative of consolidation and volatility compression and sometimes called a Bollinger Band squeeze. I will take this long trade targeting the line just below the supply zone of the Luxalgo indicator and setting a stop loss at the bottom of the high-volume area also marked on the chart SDRL could be a takeover target with the buyer being any number of Big Oil companies Should such occur share prices would escalate far beyond any current expectations.
NYSE:SDRLLong
by AwesomeAvani
COP- Divergences suggest bearish reversal.COP has had a brief trend up in the past three and a half trading days of about 8%. An analysis of the 30 minute chart suggests this could reverse. Firstly, the HA candles are now narrow- ranged and more or less Dojis. The MTF RSI indicator of Chris Moody shows dropping RSI on the 5 minute TF while it is hold up at 100 on the 60 minute TF. The former is indicative of bearish divergence. In a similar fashion the zero lag MACD shows an early cross-over of the K and D lines over the positive histogram another bearish divergence and sign of impending reversal of momentum. Based on all of this I will take two put option on COP striking $110 one expiring 7/14 and the other 7/21 targeting stock prices of $105 then $102. I am projecting profits of 25% on the shorter trade and 75% on the longer trade. I will find the entry on the 5 minute chart looking for a pivot high coupled with a transitioning EMA200 from a positive slope to zero or negative. Other traders may simply short COP and hold to the lower target.
NYSE:COPShort
by AwesomeAvani
OILU an ETF for OIL - Leveraged and LongOILU 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%
AMEX:OILULong
by AwesomeAvani
1
NRGD a 3X Leveraged ETF that shorts oilNRGD goes up when oil goes down; this ETF tracks the oil futures ; it is leveraged and managed. Here on the one-hour chart with an Bollinger Bands and EMA bands indicator added, it can be seen that price had been trending down in two waves beginning June 1st , Upon dropping outside the BB lower line, price reversed upward to reach the upper BB line and reversed again. Finally, price dropped outside the BB lower line and reversed this past Thursday. The RSI oscillator has recently trended between 65 and 40, suggesting healthy price action without and oversold or overbought conditions. As it is now trending up again. I see it as suitable for a l long trade. I have plotted horizontal resistance lines in order to plan a tiered exit from a trade of 4 shares where I will partially close the position by selling a share each time price reaches one of those lines. At the same time, I will move the stop loss up to midway between its l location and that line. I will repeat this until all shares are sold. I am expecting a 12% profit overall for a week-long trade. This will be a free trade without risk after the first move of the stop loss to above the entry point. If the RSI remains below 80, I may let the last share run until I am alerted that price has hit the BB upper line by an alert or alternatively set up a trailing stop loss of 2%.
NLong
by AwesomeAvani
USOUSD rises on reversal USOUSD today on the 15-minute chart dropped on a downtrend outside the Bollinger (lower) Band (49, ohlc,2) hit a Doji candle and then started the upward retracement. The RSI indicator shows relative strength hitting a bottom and bouncing up. RSI is about to go over 50. Price is currently below the high volume area with the POC line aligned with the basis center line of the Bollinger Bands. The ECHO indicator, a predictive algo tool is for a 2.5 % upward trend over the next 2-3 days. I see this as a good entry point for a long leveraged forex trade.
EIGHTCAP:USOUSDLong
by AwesomeAvani
ERX Energy is backERX is a leveraged ETF tracking the energy sector. On the 4H chart it has been in a downtrend since mid-March. IT dropped to the bottom of the high volume area on the long term profile as well as the lowermost VWAP band. Firday May 12th marked the reversal with buying volume replacing selling volume and then a significant rise in price in the past week. On the AI moving moving average indicator, the optimized shorter Hull moving average (red line) has crossed over the longer EMA moving average ( blue line) as has the price. I conclude the energy sector is heating up. My new idea on BOIL supports this. I will take trades with energy in mind and review big oil stocks and natural gas stocks as well as pipeline and oilfield services stocks.
NYSE:BOHLong
by AwesomeAvani
OXY SHORT after bouncing down from All Time ResistanceOXY as shown on the chart is still in a megaphone pattern. Horizontal resistance red line is the all time highs of Spring 2018. In the past several trading sessions, spot oil has dropped from $96 to $87. The MACD indicator which is lagging shows the K / D cross over the histogram. Accordingly, OXY is now trending downward to the mid-Fibonacci retracement levels and the confluence of the mid-line of the megaphone pattern. This appears to be a safe short trade setup especially now that the buying pressure of Mr. Buffet has subsided.
NYSE:OXYShort
by AwesomeAvani
1
VET is pumping profits LONGVET like OXY is showing a great chart with consistent price action. Fundamentally, it has had great earnings reports in the past year. It rates an 8/8 on the Minervini Trend scale showing strength and duration of trend as very high. Vermillon Energy has been strong in the general market downturn. I see this as a Swing long setup with a good expectant reward for the risk assumed. I am considering the call strike $30 option for September 16th.
NYSE:VETLong
by AwesomeAvani
2
OXY Sellers Fall Down ( Flat Bottom Triangle Breakout) LONGNYSE:OXY One hour chart: NYSE:OXY In the past day, the relative volume of sellers has decreased and price momentum is gradually increasing despite the general market reaction to federal economic news. The flat bottom triangle breakout suggests sellers are capitulating on pricing given current circumstances. The RSI Oscillator is in a mid-range suggesting more upside. I see a long setup with call otpions 2 weeks expiration strike $85.
NYSE:OXYLong
by AwesomeAvani
OXY Early Breakout from FLAT BOTTOM TRIANGENYSE:OXY OXY has market momentum with the ongoing Buffet buying frenzy. It has been in a pattern since the spring 2022 Buffet buying that is a flat bottom triangle. The latest buying seems to be resulting in a breakout from the triangle yet without retest. Rising relative strength on the RSI serves to validate the move. Buffet seems to know that the current inflation is a headwind for growth for the alternative energy sector while Big Oil is drowning in cash and buying back stock relentlessly. A ll in all , OXY IS A STONG BUY even if spot oil and futures prices are drifting lower. if the retest fails and OXY returns to the triangle in conjunction with oil prices decreasing and the general market sideways, I will take some put options for a few months.
NYSE:OXYLong
by AwesomeAvani
1
COMMODITIES (OIL ) vs EQUITIES ( DIA)In this chart, I have plotted the ratio of the price of the USOIL ETF over the DIA, which is the broad ETF for the DJI. The chart shows the USOIL ETF has been stronger than the DIA until the market lows in mid June after which the DIA rebounded while hot oil prices cooled off. The analysis would be is that oil prices may be relatively undervalued at present and so represent a potential basement sale at a time when the federal goverment just approved a vast upgrade in oil leases on federal land. If investing in big oil at this time ( like Warren Buffet) what stock or ETF trade would you be inclined to take? AMEX:USO
TVC:USOILLong
by AwesomeAvani