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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
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
IMPP a volatile penny oil/energy LONG pre-earningsIMPP is rising from its lows of July after falling from a triple top in June at 3.8 which is the target for a long trade. Price is now above the POC line of an intermediate term volume profile having crossed the mean VWAP line anchored at the share split (purple and thick black lines respectively). Price bounced off the first negative standard deviation line making this a VWAP band bounce. The MACD lines are upgoing and so diverging. I see a stop loss of 0.2 as compared with a profit target of 0.6 making this setup a r:R ratio of 1:3. I will go long here also knowing of the rising energy sector supporting this ticker. This stock is a retail trader favorite when energy is" hot". With earnings in the morning, for me this is a no brainer to buy in the premarket and if rising complement with a call option. If you want my idea of a good call option, please ask in a comment.
NASDAQ:IMPPLong
by AwesomeAvani
a megaflag pointing to 120 USDWe have encountered two gigantic patterns. Oil will visit both $48 and 120 USD. The question is, which price will it reach first? The expanding wedge allows for the completion of the large flag that takes us to $120 Bull patterns: A mega Flag A Flag And a symmetrical triangle that completely changes the down trend for now Bearish patterns: expanding wedge So, first we will see oil prices reach $120 USD, then the economy will start getting hit by stronger inflation cause by the high energy prices, which will lead us to a demand destruction and finally the prices will go down to $48 USD. NOTE:If the 48 USD wedge occurs first, this will allow the oil price to be released of any pressure to stay in the 100 level.
NYMEX:CL1!Long
by AllAboutMoney
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
USO Up or Down OIL ECOMONY in fluxAs certain countries want to exchange oil for money with anything but USD such as Chinese Yen or even a cryptocurrency to be launched by US neutrals or adversaries cooperating, USO on this chart rose dramatically over the past month and is now sitting at resistance as shown by the LuxAlgo Supply and Demand Zone indicator. The RSI shows possible bearish divergence perhaps heralding a reversal of the uptrend. I see this as a good place to take a short sell entry and most buyers have taken their profits. Fundamentally there are enough competing geopolitical and macroeconomic factors to deprive USO of the energy to push through resistance. See also the link below from US federal forecasters. I see this as a short trade at a limit price below the resistance zone and stop loss above it. Profit targets can be the VWAP, the midline between the supply and demand zones as a 50% Fibonacci retracement of the uptrend and finally one standard deviation below the anchored VWAP making for a safe three-tiered take-profit procedure to optimize profit and diminish risk also adjusting the stop loss at intervals using ATR as a guide. 40% at each of the first two targets and the remainder at the last. Put options 20-30 DTE at the a strike above the resistance zone for a good delta are another consideration.
AMEX:USOShort
by AwesomeAvani
1
GUSH pullback then retest recent highsGUSH (2x BULL Oil/Gas ETF) Macro events are evident and rising that would suggest a further rise in gas/oil prices. Looking at the chart GUSH appears to be consolidating nicely headed to the $107.70 s/t support area. If the $107.70 is broken I would be looking for a bounce from the $103.66 area. This could be a great long term play but I would recommend taking profits quickly, due to the high volatility of leveraged ETF's. This is not financial advice, if you have any insights they are welcome in the comments. Happy trading :)
AMEX:GUSHLong
by zaetzj