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United States Oil Fund

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USO trade ideas

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
USO Cyclic AnalysisUSO (Crude Oil ETF) has traced out ICL's (Intermediate Cycle Low's) roughly every 118-120 bars (TD's) or 171-174 (CD's). Note the swing lows on 02/11/2016 (coinciding with major stock index ICL's), 08/03/2016 and projected 01/20/2017 (next major ICL). Cycle high's have been a bit less predictive (represented by the dark green cyclic vertical lines). This past H-H was 93 bars (133 CD's). Potential short-term low outlined with red trend line intersecting blue up channel line.
AMEX:USOShort
by jd5584
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
Could USO be Ready to Move Below $7.67?The USO may have just completed an Elliott Wave Horizontal Triangle. If so, a post triangle thrust down may have just begun. Usually a post triangle thrust is equal to the length of the widest part of the triangle, which in this case is 4.78. If you subtract 4.78 from the supposed end of the triangle wave "E" at 10.61 it targets 5.83, it could reach this target by late October or early November. The recent Commitment of Traders Report for WTI Crude Oil futures shows that Commercials - they have the largest positions, are still at a relatively high net short position. Commercials had their highest net short position in late May just before the WTI Crude Oil and USO high of the year. A sharp decline in USO to a new low for the year could be a sign of a coming global economic slowdown similar to what happened in 2008. If this were to happen it would have a bearish effect on stock markets worldwide. Mark
AMEX:USOShort
by markrivest
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