USO - Bull Flag in oilOil is consolidating around $49 at top of the last leg up. It is bullish especially with buyers stepping in mid-day.
UCO
CL1! - Oil triggered head and shoulders!Oil broke the neckline of a head and shoulders. Downside target is $37~$38.
UCO: Buy at the openUCO has an interesting setup to go long at the open, ideally if we make a new daily low here. We can enter at the open, but it'd be nicer if we hit 8.91, risking a drop to 8.35.
Upside is considerable, and this ETF uses up half the cash compared to UCO, so it's a good vehicle to ride the post-OPEC meeting rally -if correctly diagnosed-.
Good luck,
Ivan Labrie.
USO moves in relation to oil's $50 markI say, trends in silly moneymaking funds like USO and UCO, UWTI, etc are a great way to get rich, but as my great grandfather said and his great grandfather before him, "Always know where $50 is."
This chart is meant to show you exactly that in relation to USO.
Why does USO do this funny little contango dance around oil? Why, that's for another post my boy!
Current Algo Targets $USOIL $WTICurrent algo targets (red circles) Crude algo intra work sheet 645 AM Dec 2, 16 FX $USOIL $WTI FXCM #Oil $USO $UWTI $DWTI $CL_F #OOTT #Algo Considering the fact that a recent time / price cycle has expired algo targets are considered "soft" - waiting on confirmation. twitter.com www.compoundtrading.com
Upper Fib ext testing now. Calculating upper targets now. Crude Upper Fib ext testing now. Calculating upper targets now. Crude algo work sheet FX $USOIL $WTI #oil $CL_F $USO $UCO $UWTI $DWTI #OOTT #algo
Oil WTI futures: Buy when it turns up for the day...I'm monitoring oil here, I'll enter longs above Friday's close, with half position and a one average true range stop loss. I'll look to add after the close, on a new daily high, to then tighten stops under today's low.
I think we might get a deal, and push prices higher, currently sentiment is mixed, but people don't think a deal to cut production is likely, that's why price dropped.
Good luck,
Ivan Labrie.
UCO Bank approaching important supportThis could result in a resumption of the uptrend. A closing above the UTL could confirm this. A break below would negate the setup.
"Crude Update" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $CVX Time is early right now....At the "Area Of Interest" ....
Any failure below 43.67 on a closing basis triggers a possible attack at the 41-39 area.
Oil is getting toppyMight make a spike towards $50, but regardless this is a good place to start shorting or to buy out-of-the-money puts for August 2016 at around 45-47.
I'm not too bothered about not having a stop loss on my DWTI and CL options here...
Oil isn't going anywhere..
Net long position near record highs
Weakening Chinese demand
Short squeeze is done
Frackers aren't dead yet, the battle for marketshare between Saudi, US, and Russia continues.
Is Dennis Gartman finally bullish of oil? LOL
Most importantly, mainstream media collectively are now bullish of oil despite the fact that fundamentals have not changed. The only thing that's changed is the sentiment of the market participants
oilprice.com
www.bloomberg.com
Is UCO following a stair step pattern?Three times in the past couple of months UCO has followed a stair type pattern where it will bounce off resistance, break the resistance and then use it as the floor for it's next "step" up in price. Will this pattern continue with the resistance level that was broken at the $13.00 mark?
"CRUDE WAVE" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $CVX $XOM CRUDE has higher targets possibly on its agenda.
Holding the contained market structure will allow for the next thrust.
"UPDATE STATUS IN ENERGY" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO CRUDE FOUND BALANCE AND WAS MET WITH SELLERS AT THE HIGH....
WATCH FOR AREA AT 41.80 -40.00 FOR A POSSIBLE LAUNCH TO RETEST THE HIGHS...
WE NEED TO CLEAR THE AREA OF RESISTANCE TO ACT THE $55 MAGNET AREA.
ANY FAILURE WILL SEND THIS BACK DOWN TO THE LOWER BASE
"TAKE A STEP BACK "$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO IT IS ALWAYS GOOD TO TAKE A STEP BACK
AND LOOK AND THE HIGHER TIME FRAME
THE INTRADAY SWINGS CAN GIVE CONFUSION IF YOUR CONTEXT
ISNT FOCUSED
$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO " BIGGER PICTURE' PRICE CAME BACK TO THE "ZONE OF INFLUENCE"
DOUBLE TOPPED AND THEN PANIC FLUSHED THE WEEK HANDS
BEFORE ITS REAL AGENDA.
"SWING UPDATE" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $XOMPRICE PANIC FLUSHS
HITS POTENTIAL SUPPORT.
FORMS INSIDE BAR
THRUSTS UP
THEN RETEST.
"STUDY THIS ..OVER AND OVER AGAIN
Oil formed cup & handle Because there's no agreement and because there is no oil strike this makes no sense to me ... BUT we are going UP so I'm gonna put my money where my chart tells me to. PT 45.13
"CRUDE FOLLOWUP" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO TIME CAME IN AND PANIC SOLD DOWN TO SUPPORT.
TO CONINUE THE ADVANCE WE NEED TO STAY ABOVE BOTH PIVOTS
OR A SIDEWAYS RANGE WILL POSSIBLY DEVELOP MORE IT SHOWS IT AGENDA.
CRUDE UPDATE$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $CVX $XOMPRICE STRUCTURE AT "POTENTIAL RESISTANCE"
TIME IS APPROACHING ....
TRADE THE DEFINED PARAMETERS ON PRICE ACTION.
IN THE CENTER OF THE RANGE IS THE "KILL ZONE"
