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United States Oil Fund

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USO trade ideas

USO - Consolidation after bounceVery similar to CL1!, the oil ETF, USO, is basically consolidating after a nice bounce. Price here worked its way back up into the 37.50 area and is now working its way back into the Optimal Trade Entry (OTE) Long zone around 34.50. At the moment we appear to be in what I would consider a poor trade location area. If we are going to take risks we need to know where our 'I'm wrong' level is and putting a trade on at current levels would imply a very wide risk threshold.....hurry up and wait.... If my charts help you, or you use my indicators... please consider a BTC donation to allow me to continue my work : 1EBttA56cWsgtsZn83VGiNT8si7inZV5Z5 & follow me on Twitter @CRInvestor
AMEX:USO
by CRInvestor
4hr USO - bullish ab=cd in a little more focusAs is the case on the daily CL1! we currently have a bullish ab=cd harmonic pattern well at work. The price target here ($36.24) appears to be right into a higher time frame OTE short window with the sweet spot being $36.14. I for one shall be watching closely for that level as it will mean a nice AOCO exit on the BoT long established from $34.56. As of Friday, 'stop to trail' level has been hit ($35.48) and one should act accordingly at this point - basically locking in a profit.
AMEX:USOLong
by CRInvestor
Update: Arctic Cold Favoring Bears? | #USOil #WTIC #Brent #Oil Friends, A quick "Tech-Note" on #USOil to indicate that the recent rally illustrated in this chart may have had the stomping sounds of bulls, but our system indicates quite the contrary. In fact, ever since our "Dead-On Hit", a bearish reversal confirmation signal was produced, and we remain quite skeptic as to the ability for price to change that bearish qualifier for the time being. A push above 36.00 is always possible, but the resistance is quite solid at that level. Instead, we keep our eyes on the bearish levels down below. In fact, we just produced a "Target-Low", TG-Low = 29.90, which marks a potential reversal level. In its path, the secondary target produced last October 28th might require some refinement, but we will keep it as is until price breaks the recent structure low. Cheers, David Alcindor | 4xQuad.com Predictive Analysis & Forecasting Denver, Colorado USA --------------------------------- Want more forecasts and cool charts. Join us on TradingView.com: 4xForecaster Want signals? Follow us on Twitter: @4xForecaster Our Dead-On Hits Archive: bit.ly Like Us! on Facebook: www.4xQuad.com See our recent successful forecasts: 1 - #USDollar: on.fb.me 2 - #AUDUSD: on.fb.me 3 - #NGAS: on.fb.me ---------------------------------
AMEX:USOShort
by 4xForecaster
Better sell the bounceBooked profit at 1.62 extension, didn't wait for entire move as CNBC came with the highlight of daily technical for oil just had very bearish signal, MA 50 crosses MA 200. This has been very severe selling, I'd expect people would go short-covering next week. Will see if this fits to next sell. anyway 33-34 is very big support so better be careful than sorry. Might targeting new low after the bounce but we'll see, if it fails breaking previous bottom if it doesn't I'd look to buy. Bearish invalid if price violates 35.12
AMEX:USOShort
by insulinSpike
Oil Does Not Have As Much Downside As Experts Think $USOAfter the Iranian nuclear deal, analysts were all talking about how oil was headed much lower in the short term. Oil barely opened down today and is hovering at $33.74, -0.30 (-0.88%) on the United States Oil Fund LP (NYSEARCA:USO). While the lack of a major drop in oil was surprising to analysis and Wall Street traders, this was no surprise to me. Everyone knew a deal was coming over a month ago and oil has fallen almost non-stop because of it. Essentially, oil had already factored in the Iranian nuclear deal. In addition, oil is more a factor of global economic growth than one country putting out an extra 1 million barrels a day of oil. As economic growth starts to uptick in the coming months, oil should find footing. I have a master level on the USO which is my buy price at $32.25. There should be a solid swing trade bounce at this before the longer term down trend continues. Gareth Soloway Chief Market Strategist www.InTheMoneyStocks.com
AMEX:USOLong
by InTheMoney_Stocks
1
28/10 Market Recap.Hello traders! This week, as analyzed previously, we continued to drift higher by a reasonable pace. Although there has been two days of retracement, this is obviously not enough after the recent uptrend starting on early october. All market participants talk about, and expect a retracement which refuses to come. We witnessed a significant number of participants having a very cautious approach these days about initiating swing positions (few days to few weeks). The consensus, as well as numerous indicator’s overbought levels dictate a behaviour of initiating only near term positions with very tight stops. Technically speaking, the recent surge in volume adds to the concerns of a near term trend reversal - When volume reaches a peak on a continuous trend, it’s a clear sign that the trend might be over. Lets have a look at our two basic indicators which always give us a good indication of where the market is headed - DIG Pivot Break and DIG Smart Points. (These indicators are the work of ProTradingIndicators.com and are available within a monthly subscription plan on TradingView) The first indicator (Pivot Break) tells aus about important tops and bottoms of the underlying asset. The chosen tops and bottoms (Notice that only a select of them are chosen) are very important because they they tell us a lot about the buyers/sellers equilibrium. Each time a green line is being drawn on the chart, it means this level is set as an important resistance level, a level that sellers had a greater strength and overcame the bullish force of the buyers. If, in a certain scenario, the price would come close to that price level from below, we would start considering two outcomes: 1) If the price breaks past that green line, this is a strong sign of the buyers being more aggressive than sellers, and prices are prone to continue the upper movement - Therefore a buy past the green line is an outcome to consider. If on the other hand prices come close to that level and the price action is not decisive - This is a sign that sellers are still on the lead (Or buyers are not that strong) and prices usually tend to fall down - Therefore a sell below the green line is an outcome to consider. Respectively, all of the above logic is valid also for the opposite scenario of a red line - Indicating that Buyers succeeded in pushing the sellers back. In a nutshell, If prices go below the red line, this is a bearish sign and one might consider selling below that level. Additionally, prices flirting with the red line but not breaking it, might be a sign of a resuming buying spree, moving the prices away from that line again. Disclaimer:Any opinion, analysis, or other information contained under this user is provided as a general commentary and does not constitute investment advice. Oil & Gas. As analysed previously, things are not pretty for the USO (Oil & Gas ETF). Prices continue to decline in weak atmosphere regarding the chart. Few support levels were breached, where the last one was the important $35, round number support level. Mid term analysis supports the continuation of this price decline. We could see a moderation of the current decline around the next support level @ 32.50. Economic calendar Nov 4 @ 10:00 AM - Factory Orders. Nov 6 @ 10:00 AM - Leading Indicators. Nov 7 @ 08:30 AM - GDP. Nov 8 @ 08:30 AM - Unemployment Rate.
AMEX:USO
by Jonny.Pro
10/21 Market Recap.Hello Traders! Although last week the market didn’t move much, we still drilled up just to set record highs over and over again. This is quite understandable regarding the last fierce up weeks we had lately, but it seems that the market is feeling quite comfortable on this rally and looks to continue that, maybe with a different pace. Let’s talk technical. Plotting the DIG_SmartPoint and the DIG_Pivot Break (These indicators are the products of ProTradingIndicators.com, available at TradingView within a monthly subscription) will reveal to us a text book uptrend chart, higher highs, higher lows, almost symmetrical moves repeating themselves over and over again. Despite the natural tendency to see a chart like this and scream “Overbought!”, we have to look on and rely upon the information that is handed to us through the chart. Yes, we are very extended, for a long period of time, but on the other hand there was also decent profit taking phases and overall the uptrend looks healthy. On the Pivot Break, we have gone past the green line indicating a resistance level of the previous high pivot. This is obviously a Bullish sign. One concern though, is that since the low pivot of $164.50 (and the lower band of the DIG_SmartPoint) the prices have not retraced a notch, obviously, this retracement should come sooner or later, but the concern is that farther the prices go for a longer time without a retracement, deeper will be the retracement. For those of you who look for the most probable scenario, we can look at the recent resistance break as the last considerable milestone, turning into support. Within this week we should see a retracement back to that support level, and hopefully a bounce. If this scenario will materialize, the odds of the market turning back violently diminishes. On another note, it is also very important is to see the numbers that came out, as we are in the earnings season. Given that 69% of all companies that reported earnings so far beat the analysts estimate (!). This is a very encouraging number for both the economy, the longer time frame investors and the market traders. We still have some numbers of big companies (Like Apple) that should come in and set the tone, but the idea is clear - The economy is in a very good condition, unemployment rates are not that horrible and earnings are setting records. Within that ecosystem, the recent fierce market rally comes down to a simple logic explanation, the market is in good shape and people think that at these price levels stocks are still a cheap asset. Oil & Gas. Our scenario of last week regarding the weakness of the USO (Oil ETF) has materialized in a form of the break of the $36.40 level, causing a steady price decline down to the $35.00 mark. This support level, which is a combination of multiple highs occurring early this year and the psychological effect of the 35 round number did the trick and held prices above. One thing to look at is the volume pattern in which the last 3 green days formed, which is a declining pattern. This volume pattern is not so bullish and might even tell us that the recent upmove is just a small correction, so that further downside action is probably the outcome for the short term. Economic Calendar - This week we have some important numbers coming out. Oct 29 08:30 AM - PPI. Oct 29 10:00 Am - Consumer Confidence. Oct 30 08:30 AM - GDP. Oct 30 08:30 AM - CPI.
AMEX:USO
by Jonny.Pro