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United States Oil Fund

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USO trade ideas

USO Short Term LongWe saw a gap down on the open today. Regardless, buyers were still willing to come in and drive the price higher. I think this is a good opportunity to squeeze out the people who got short positions in early on what appears to be a top forming. Be prepared for a gap up on the next open. In which case, I still wouldn't be afraid to open a position up. Looking to get long once the MACD crosses upwards. My stop will happen if the MACD crosses back downwards. I would look for a target price of around 11.90 - 12.00. I would not be looking to hold this for more than a few days.
AMEX:USOLong
by mych36
USO Medium Term Top FormingLook for price to hang out in the price range box for several days before moving down. If you want to open a position towards the top of the price range box that is fine. Personally I'm going to wait for some sort of failed breakout towards the top of the price range before getting involved on the short side. I'm giving two target prices to close your position on. Personally I would close out about 20-40% of my position at the first target price, then look to close out the rest at the second target price. Good Luck
AMEX:USOShort
by mych36
USO/Crude Oil Could be Completing a Horizontal TriangleTwo months ago both USO and Crude Oil appeared to be forming Horizontal Triangles from the February bottom. The pattern was subsequently validated. Now the possibility of a Horizontal Triangle has reappeared. If USO holds below 11.79 it will remain valid. A break over 11.79 will invalidate the pattern and opens the door to reach at least 12.45. MACD lines are bullish implying at least one or two more up days. The Weekly Crude Oil futures has a different pattern and needs to rally at least .14 points for completion. Watch USO and Crude Oil,a great shorting opportunity could be just days away. Mark
AMEX:USOShort
by markrivest
15
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