USO - On it's way to the centerlineIt's really astonishing how the ancient rules of Action/Reaction work out.
Newton was a REAL genius.
Next stop - Centerline.
P!
mytradingcoach.teachable.com
USO
USOIL may breakdown from channel. "Panic" condition.I don't like to use the word "panic" much like I don't like to use "crash" since both rarely happen.
But mini-panics do happen quite a lot - where price just can't find a footing and sell orders multiply.
Look at the downward pressure on the channel here on USOIL's 4hr chart. Notice the following:
+ price under 36 has no support until the 34.40s
+ that gap was passed through on the climb from Feb 11 on an unlikely pop out of a rising wedge (so many shorts were playing that wedge - including me - that they fueled that pop through the 35s
+ the LRS-RSI is in a 'up' cycle (white background) and may just pass into a 'down' with a few more ticks, showing the complete lack of buying support since the high wick blowoff black candle in the 39s.
None of this is definitive - price will reveal itself very soon. But I am holding my shorts and won't be shocked with a print in the 34s in the next 12 hours. Then again, that's how counter trend rallies are created .. with fuel provided by guys like me. Trade Safe.
"CRUDE UPDATE 240$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $CVXPRICE IN ENTERING
"PROBABITIY ZONES"
IT PROVIDES INFORMATION WHERE TO ACT AND WHAT
HAPPENS IF PRICE BREAKS THE AREA.
HAVING INFORMATION BASED ON PATTERN AND TIME
HELPS ONE FORM THERE ROADMAP FOR "THE TRADE"
$USOIL $USO $OIL Crude et al (D) Fade to be expected since run.Receded back to (36,38) trading range after fading from SMA200 resistance above.
Good to see difference between SMA50 and SMA200 narrow some; bullish indication. Still has more fundamental work to accomplish.
Overall, still bearish. Potential targets near 36 and 34 (Red SMA50).
USO Head and Shoulders formedBecause USO is a roll trade ETF you get a smoothed price without the rollover spike/drops you see in WTI.
Look at the head and shoulders it has formed,
Price target of 8.50
EDIT: Also note the falling RSI for the three peaks.
"STALKING PRICE"$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $CVX DESCRIPTION ON CHART.....
PRICE IS GETTING READY TO CHOOSE ITS LAUNCH
FROM THE BOX...
CRUDE "STALKING"$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $CVX DESCRIPTION ON CHART.....
WATCH LEVELS FOR RESPONSE.....
"15 MIN CRUDE UPDATE$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO DESCRIPTION ON CHART....STUDY PRICE ACTION .......
WE GET PAID TO WAIT.
$UWTI $DWTI $USO updated oil chart with key trend lines and TA!Watch for that stoch rsi bear cross for the pullback
$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $CVX CRUDE 60 MIN "STALKING A "TREND LONG"
NO OVERBALANCING ON THE INTERMEDIATE TREND YET...
$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $CVX 15 MIN ENTRANCE"PRICE SITS ON "POTENTIAL SUPPORT"
THEN SHOWS Its hand through Price Action
Manage.......
USO can be scalped intraday, enter in bottom of channel.Long 9.66 -9.81 area. Tight stops if scalping. Rinse and repeat. Breach of 9.64 could be a ss trigger.
Short on USO after Iran commentsSeems like a good short on oil @ these point, lets see if the triangle pattern will brake
$CL_F $USO $DWTI $UWTI $Oil $XLE "CRUDE SEARCHING FOR BALANCE" CRUDE is getting pulled up to higher "Price Flow areas....Price shouldn't take the low of the three bars back...if it does the trend is suspect.
BOUGHT TO CLOSE USO JAN 17 7/APRIL 1ST 8.5 SYNTHETIC LONGClosing this synthetic long USO play here for a small profit. My timing was a bit off as to entry (I went long on the break of the 2009 low at 32.70), and we may have seen the short-term end of the up move here.
Will consider reloading another synthetic long now that a new low of some kind has been put in ... .
USO hourly RSI double backed on support to go longNotice the horizontal RSI trend line, has been resistance since november, and it broke, so it's now support. If this support doesn't hold, which there's a chance it may not since it's overbought, the RSI will reach the diagonal RSI bull trend. This one has a very high probability of holding because it matches the price action's up trend.
XOP/XLEA 5 waves impulsive up movement seems to have been completed on the raito of XOP/XLE.
A pullback is expected soon. A break above 0.49 would invalidate this view.
CRUDE "ROADMAP"LAYING OUT THE PROBABLE PATHS OF PRICE
$26.06 -23.80 AT SUPPORT...WEEKLY CLOSES ARE SHOWING BUY TAILS.
LOWER TARGETS ARE STILL POSSIBLE 35% CHANCE
PRICE ACTION WILL CONFIRM ITS PATH.
First signals of bottoming in WTI Crude Oil, Longs FavouredBreakout off short-term resistance at 35$, and a more significant breakout off the June 2014 downtrend line, is positioning WTI Crude Oil Futures for a great long opportunity. Buying this breakout, targeting the next visible resistance target (Yearly Pivot and 50-week MA, also overlapping with the 200-day MA), and placing stops below the downtrend line, makes total sense here in my opinion.
The RSI made a higher low on the 13-year-low print in february 11th, and oil has been a one-way street ever since, with RSI flashing a clear buy signal. The only dubious indicator is MACD, which is making a positive print (fast MA going over the slow one), but it remains in a slow downtrend since June 2015.
The timeframe of the trade should be similar to last year's impulse towards 60$, hence I expect WTI to test 45$ in early May. Let's see!
