And finally the breakout occursThere is obviously more downside ahead now. First level to watch now will be 47,18, last low, and respected Fib level.
USO
Oil hitting leg start. LONG 48.9x's. Buying crude again. 48.9x's. will add around 48.6 with a stop just below 48.4.
BIG SUPPORT LEVEL 48.8X/49.04. First touch of what was gained in March 2017.
Will get a BIG pop before below 48.50.
BIG LONG RIGHT HERE 49.04. (needs to gain 49.11 and it will POP HARD)
Adding at 48.8x. Risking more than usual but it will work. 49.8x the first long target.
Long Oil $49.50's. LOW NEEDS TO HOLD. Just bought /CL 49.52.
Stop below Fridays low. New highs the target.
Will add to the long at .38/.41.
Easy $ES_F (SP500) Short. Hitting resistance right meow. Shorting here at 2354/2355.. Adding at 2366/2368. Stop at 2371.
Looking for 50 point drop minimum by end of next week. Follow the move up from 2280s.
LONG $CL 49.53Oil is hitting support. risking about 30 ticks here. Looking for 49.9 and 51.30 on the pop.
Apparently i need more coffee as i put the support line at 48.5 NOT 49.5. I am LONG here with stops at 49.26.
Potential H&S for USOILLooking for potential opportunity for USOIL. Completion of right shoulder may lead to ~52.30 before potentially rebounding.
CLEAR RESISTANCE LEVEL APPROACHING IN OIL USO!Recently exited this USO trade for a 7% gain! To those of you still holding on, don't get greedy above $11. Short be short term resistance, fade candidate.
USO to continue higherI think USO will keep going up for now. I suspected that it would reverse, as early as a week ago on Friday. USO
Expecting a RetracementPrice looks overextended to me- I think there will be strong selling either today or tomorrow. My target is the .618 fib from the March selloff.. there is a lot of support there and it would be a healthy place to consolidate before another leg higher.
Update on US Crude- Short Time FrameI'm just updating my chart for AMEX:USO right now. I think there may be consolidation going into the API report on Tuesday afternoon then a continuation of the current trend upwards.
Price is now at the .5 Fib Extension from SelloffLooks like price action is pausing at the .5 fib extension from the selloff earlier this month.. I will continue to hold my calls, though.
USO - 1yr 4hr long for the long haul The trade: as mentioned before, short term we can sell puts because our mission is to get a long position. For the quick play, a long position with stops below the wedge for the short term continuation of the trend. Range is getting tight so I won't be betting the farm until there's a clean break with confirmation of a new trend.
Examples of fundamentals:
Reasons to buy long term:
1. Politics in the US:
a. Rex Tillerson – Head of Exxon for 10 years has been appointed secretary of state.
b. President Trump has warned Mexico that they will pay for his wall through tariffs, and that he will re-negotiate trade deals like NAFTA.
i. With these two points in mind we can reasonably conclude that a tariff will be put on – and the best option that benefits both is a tariff on crude + gasoline imports. It will protect their market share in the USA and line the pockets of Oil/Gas producers.
IMPORTANT MA CROSS FOR USO FUNDOn March 24, 2017 the United States Oil Fund USO, 200 daily moving average crossed below the 250 daily moving average. Historically this has occurred 10 times. When this happens, the ETF drops a minimum of 0.151%, has a median drop of 2.214% and maximum drop of 10.623% over the next 10 trading days. This last occurred December 8, 2014 and the fund dropped 67.92% over 296 trading days until it hit the bottom.
Current USO chart from TradingView
When we take a look at other technical indicators, the relative strength index (RSI) is at 29.0332. RSI tends to determine overbought and oversold levels. I personally use anything above 75 as overbought and anything under 25 as oversold. The current reading declares the fund is nearing oversold territory, however, the fund recently hit the oversold level and is slightly heading upward from a 23.5711 level on March 14, 2017.
The true strength index (TSI) is currently -30.2018. The TSI determines overbought/oversold levels and/or current trend. I solely use this as an indicator of trend as overbought and oversold levels vary. The TSI is double smoothed in its calculation and is a great indicator of upward and downward movement. The current reading declares the fund is trending downward.
The negative vortex indicator (VI) is currently 1.3201. The VI determines current trend and direction. When the positive level is higher than 1 and higher than the negative indicator, the overall price action is moving upward. When the negative level is higher than 1 and higher than the positive indicator, the overall price action is moving downward. The current reading declares the fund is trending downward.
Considering the moving average crossover, RSI, TSI, and VI levels, the overall near-term fund direction appears to be trending downward. Based on historical movement compared to current levels, the fund could drop 1.93% before turning upward again.
Is Oil About To Turn Higher? This Chart Says Yes! Oil has been under non-stop pressure for the last few weeks, falling from new $55 to the $47 range. Talk is becoming overly bearish and that may be a great signal to buy. Another signal that oil may be headed up is the stock chart of Apache Corporation (NYSE:APA). The bullish combination of major support stretching back to August 2016 and a bullish inside bar (flag) pattern signals upside on the stock. If Apache Corporation is headed higher, you better believe oil is going to get a bounce as well.
See all of my trades VERIFIED right here: verifiedinvesting.com
Crude long idea- CLBounce-a-thon
You can wait for the 50.13 resistance to break to go long
or go long now and have a stop at 47.52.
However, there seems to be a better risk/reward if you go
long after 50.13.
Be patient with this kind of setup since it's a daily chart.
Also, I'm new so please trade accordingly.
