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United States Oil Fund

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USO trade ideas

USO Up or Down OIL ECOMONY in fluxAs certain countries want to exchange oil for money with anything but USD such as Chinese Yen or even a cryptocurrency to be launched by US neutrals or adversaries cooperating, USO on this chart rose dramatically over the past month and is now sitting at resistance as shown by the LuxAlgo Supply and Demand Zone indicator. The RSI shows possible bearish divergence perhaps heralding a reversal of the uptrend. I see this as a good place to take a short sell entry and most buyers have taken their profits. Fundamentally there are enough competing geopolitical and macroeconomic factors to deprive USO of the energy to push through resistance. See also the link below from US federal forecasters. I see this as a short trade at a limit price below the resistance zone and stop loss above it. Profit targets can be the VWAP, the midline between the supply and demand zones as a 50% Fibonacci retracement of the uptrend and finally one standard deviation below the anchored VWAP making for a safe three-tiered take-profit procedure to optimize profit and diminish risk also adjusting the stop loss at intervals using ATR as a guide. 40% at each of the first two targets and the remainder at the last. Put options 20-30 DTE at the a strike above the resistance zone for a good delta are another consideration.
AMEX:USOShort
by AwesomeAvani
1
USO (CRUDE) Bullish Bounce... something is up!Previously, it was observed and expected that Crude was to bounce. Instead, Crude made a dive down and out of the boxed range. For a moment, took a second take on the analysis and decided that it might have been a bit before its time, since the longer term pointed to two trends; crude to go up and USD to go down. So, a chance came when USO triggered twice in the 15min chart ( system alerts set based on 15min intraday chart as a personal standard ). It was a calculated risk and probability count. USO/Crude had oversold, bounced off a couple of times, and broke our of a short term trend line. The Daily chart had a range breakdown, followed by long tails for the previous three days. It appeared to have a good probability of recovering. A position was taken (USO 50 delta Call). From there, we can observe the volatility (and hence you prefer to be in earlier and smaller position) and the development of the trade in the daily chart shows the opening of gap ups and closing of gap downs. Furthermore, USO / Crude broke back into the range. And for such failures that recover and break back into range (orange and/or yellow box), there is a high probability of breaking out the other end. And yet other observations have the Fibonacci retracement bounce off the 50% to project a near term target of about 65.68 (150%). All these are encouraged by the previous day's candlestick as Monday's candle gapped up and closed a previous gap down, and ended the day very near to intraday high. Daily technical indicators (MACD and VolDiv) have crossed over and are starting a bullish alignment.(Noted that the breakdown out of the range did have a VolDiv bullish divergence that was very obvious, an early suggesting that it was going to bounce and recover. Going forward, USO is starting to be overbought, and a possible pullback to head up further to near term target is expected. Could be more bullish or otherwise more bearish. but am expecting the range support to hold better this time.
AMEX:USOLong
by Auguraltrader
USO: Forest Bathing 🌲🌳 🌲🌳Forest bathing can improve mental or physical health, as spending time in nature can reduce stress and pain and boost positive mood. The United States Oil Fund should take this to heart and set out for the lush composite consisting of the turquoise zone between $52.24 and $43.83 and the green zone between $46.36 and $40.29. Therefore, it should drop below the support at $63.00, which should provide further downwards pressure. Wave 2 in turquoise should then ideally finish just before the support at $45.30, changing into upwards movement afterward. It is also possible, though, that USO could climb above the resistance at $72.22 to expand the last low in the form of wave alt.b in orange first before heading downwards.
AMEX:USO
by MarketIntel
USO needs to bounce today or tomorrow or drop will be strongUSO was in a huge bullish pattern falling wedge. It break out of it several days ago but it simply can't move up further. If it drops inside the pattern it will be a dead hook or fake breakout and could be very bearish and fast. Volume on the drop confirmed price action which could be bearish for oil. RSI is dropping but is still in a neutral area. MOCD drop below the zero line and does not show sign of moving up. Overall: OIL need to bounce today and break again from the trend line otherwise could be seen a nasty and strong drop. After its breakout the first time it found resistance at a high from December 2022 and wasn't able to move above it which is bearish for sure. It could find support on the blue trend line, but that support won't be for a longer time. Because of that it s got a sell signal which will be removed only if the price moved out of the falling wedge asap.
AMEX:USOShort
by Consistent_Trades
Head & Shoulders Top Completed, USO/SPXAccording to TA rules, the ratio has completed the pattern with a Complex Right Shoulder (two peaks). Those these means that the SP:SPX should breakout from that downward trendline? I don't know, but probably. Or those it means that energy stocks should finally follow oil prices? Maybe, it is what normally had happend. What I'm seeing is more stocks going up, even though some breakouts aren't working as smooth as it should. Nontheless, I just follow price. This ratio is just another indicator, let's wait and see what happens.
AMEX:USO
by dpuleo19
2
USO to 89 in timemultiple harmonic patterns inside of each other that provide the structure for upside indicators bullish with room to run momentum clearly shifting here on oil democrats getting voted out next week liquidity grab from yesterdays biden announcement (you panic sell - they fill their orders and fill them cheap ) trendline breakouts etc add on pullbacks t1 2.4 reward/risk 83 / stop at 69 t2 3.75 reward/risk 89 / stop at 69 tracking recent trades 1-0 / +1.6% / SPY will update this post when i exit this position
AMEX:USOLong
by longstrokelarry