USO
Short-Term SELL, USOIn the energy sector, we have noticed a possible speculative short on crude oil as we expect oil to depreciate by -1.60% by the next week. In our opinion, sellers might put pressure on the actual price particularly near the intermediate resistance which might limit an upside move to no more than 6.80% from the last daily closing price.
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Buy Oil H&S patterns that look so elegant usually break to upside in bull markets. Technically and fundamentally Oil is in a bull market. Look for price increases off of this $48/barrel level with price targets nearer $60/barrel into June & July 2017.
CL1! - Oil triggered head and shoulders!Oil broke the neckline of a head and shoulders. Downside target is $37~$38.
USO - 1yr 4hr last shot in the wedgeThere's not much room left to trade in this range for "quick" trades. We can hit one last one with 2:1 risk/reward.
I have been opening a half short position at the top of the range after closing out the long to profit as much as possible off this pattern.
Looking at past summers and this wedge I can be optimistic for a big move.
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.
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.
