Get started

USO

USO 1yr 2hr wedge range bound continuesLooks like we can take another stab at the range bound wedge run. It is getting fairly tight - faked out once so far to the downside. Lots of volume on here and usoil futures, could be indicative of a bottom for the down trend, not going to look too deep into it since we know how many bs contracts are open. Possibility of a rough head + shoulders which would confirm the range bound price action. Setting up a position short here earlier than shown ~10.93 then will add on as shown in the chart.
AMEX:USOShort
by asiansupermarket
Long OIL into OPEC (Nov 30th) (Daily)If OIL trends the way i think it will, it'll be a coincidence in regards to the OPEC meet at the end of November. I just want to get that part cleared. :P Short term speaking we're looking close to a bottom here at these levels. RSI divergence, 3 wave correction, and possible MACD crossover all signal buy right now. It will be interesting to see how Sunday night plays out, but I'll be looking at starting a 1/5 position at around the 42.60-80 area either Monday or Tuesday. If for some reason OIL gaps up or runs before open, I'll look at a close above 44.90 to enter. If OIL falls bellow (and closes bellow) 42, this chart is scrap. GL
TVC:USOILLong
by xsubtownerx
2
US OIL: Setting up for a rise??If the dollar keeps dropping I would think that would support a rise in oil as well as the precious metals. I see the form of the current drop from 1 to 2 as a corrective form and with the yellow target box now being hit. IFFF it holds above the recent low of about 44.16 I am looking for wave 3 up to start with likely a total of 5 waves up eventually to finish wave C. Personally will be taking a small long position soon with addition if recent support holds and short term down trend line broken. Process your own way. Hope this is helpful. Feedback appreciated.
TVC:USOIL
by goodguy
6
Oil Ready to Propel HigherThe USO has likely completed the current corrective move and is ready to resume the bullish uptrend as part of an extended larger degree wave (3). While there is the possibility that the correction extends to target the 61.8% retracement of wave 1 around 10.74, the minimum number of sub-waves to complete wave 2 has been reached. Moreover, extended wave 3s tend to be very bullish and wave 2s often only retrace to the 50% or even the 38.2% supports before resuming the uptrend. The ensuing move would see the USO rise upwards of 13 in the next couple of months, making for a nice medium-term gain as well as higher gas prices at the pump.
AMEX:USOLong
by Eboard10
XLEEnergy stocks have rallied enough here. Unable to break key Fib level with divergent momentum and an OPEC that will most likely not come to an agreement. Oh yeah, and junk bonds have rallied way too far as well. All in all, this sector has had everything in the world go right to get to this point and it's still flagging. We could see some sideways chop for a little bit, but over all, I think this puppy is headed much lower, below the January lows, but probably not till much later in 2017.
AMEX:XLEShort
by KlendathuCap