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United States Oil Fund

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USO trade ideas

USO - ETF will riseUSO: United States Oil Fund - Most active strike prices are the weekly 1/10 $13.50-strike calls - People are betting on USO will break out above $13.50 next two weeks People are buying on this ETF because of what happened in Iran, crude oil futures, prices, and all else related are due to rising tensions. The assassination of Qassem Soleimani impacted the market yes, (SPX -0.71%, COMP, -0.79%, and DJIA -0.81%), but his death's biggest impact would be on the price of oil & gold. Looking at USO, we can see that it has been in a bull trend since October of 2019 (2-3 months), and has gapped above it's previous resistance level of $13.00-13.15. A double top should still be something to be cautious about, but the recent news only makes this ETF much more appealing to trade. technicals: Used fib extension to draw levels, worked wonderfully. Tested $13.35 level once and got rejected, if this level breaks on Monday, can see the next price target at $15.00. - MACD: volume doesn't showcase anything as of yet, looking for a strong bull signal, be wary of fakeouts - RSI: started to finally touch oversold area, good bull signal
AMEX:USOLong
by devinzhou
1
$USO Stumbles Into Major Catalysts to Close Out the WeekUSO The United States Oil Fund LP (NYSEARCA:USO) is an exchange-traded fund that attempts to track the price of West Texas Intermediate Light Sweet Crude Oil. One other major macro factor in the current scene guiding the macro picture for markets is the performance of the oil market. Right now, both energy stocks and the oil commodities market are largely defined by the process of Saudi Arabia gearing up to go through the IPO of the largest energy company in the world, Aramco. Don’t think for a moment that this is not a primary concern for those involved in the largest positions dominating the oil market. Aramco, and its success as an IPO, I one of the defining points across all asset classes at present. The Aramco IPO will unquestionably be the largest IPO in stock market history. And the relative performance of oil as a commodity market will be the number one input defining exactly how much that IPO is worth. In addition, tomorrow will bring us the results of the latest OPEC meeting, in which the countries in control of OPEC’s destiny will decide whether or not to do further production cuts to support the price of oil. Traders will want to pay special attention to this catalyst as it unfolds today. Read More at: dailytrendingstocks.com
AMEX:USO
by GregFolin
USO t.a. & set up 10/7/19USO was recently overextended at the RSI30 area and the price bounced at a common major support level @ 10.67 area. Price action is now breaking above previous resistance @ 11.12/11.13 level (reference 5min chart for clearer view). Price also broke above the EMA10, and is re-testing resistance @ EMA21 key level on the 4 hour chart, signaling the uptrend may continue if price breaks out above EMA21. Possible entry: @11.19 If intraday momentum supports uptrend and price action on 4 hour chart breaks above the EMA21 Stop: any break below back into consolidation area around 11.02 @ -1.38% Exit: target SMA200, based on USO history, SMA200 is known to act as a major resistance level on the 4 hour chart. 11.61 area @ +4.07% (OR) exit @ any "end of day close" below the EMA10 during uptrend. Convert stop to this trailing stop if short term uptrend above EMA21 confirms.
AMEX:USOLong
by gaaragaara
USO, not buying the bear marketOver the past month especially, crude has fallen into a bear market. Most of this bearish reasoning is coming from the U.S. EIA reports which is showing a large amount of undocumented crude which has resulted in a very swollen crude storage inventory, mostly all in PADD 3 (Gulf Coast.) There is strong reasoning to believe that this undocumented crude is actually plant condensate, which is not exactly an equivalent of crude oil yet being counted as such by weekly data. If we deduct this probable phony glut of non-crude oil which is more likely some type of condensate, would we still be in a bear market? Possibly, a little bit at least, but that would have much to do with lower refinery run rates and Trump's trade wars. Venezuelan imports to U.S. are down to zero. Canadian imports can only ramp up nominally by railroad. Saudi Arabia exports to U.S. have been extremely low, in the 400,000 barrels per day region and there isn't much alternative to recovering those lost barrels from elsewhere as heavier barrels have become a scarcity. It is very possible that at the end of the month, EIA 914 monthly data corrects U.S. weekly data production numbers with a downward revision. Texas' Permian basin rig count has fallen significantly, while the North American rig count overall is down big time; completions in the Permian have also not taken off, they have grown, which tells us that it seems unlikely the U.S. could have shot up to over 13,000,000 barrels per day in production. It is more likely in my opinion that we see a decline or flatlining in U.S. production as it appears many U.S. producers are focused on (attempting at least) to generate free cash flow to appease everly demanding shareholders. I think the overall market will be taken by surprise when it comes to realize that condensate has been getting counted as crude and that U.S. production isn't going to be growing as many analysts forecasts; all this is happening at the same time, historically reliable suppliers like Venezuela completely fall into an abyss and OPEC appears as disciplined as ever, while Canadian pipelines are delayed which reduces egress potential to the market in the coming couple years.
AMEX:USOLong
by chriskanaan