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United States Oil Fund

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USO trade ideas

USO: Springy 👟👟USO seems to have put on its extra springy sneakers as it has jumped up into the green zone between $83.54 and $87.83 quite briskly after pressing against it for some time. Now, it should finish wave B in green in this region and subsequently turn around to move downwards. On its way, USO should then drop back below $82.48 and also fall below the support lines at $67.68 and $62.92 to reach the yellow zone between $60.18 and $43.48, where wave (2) in yellow should end.
AMEX:USO
by MarketIntel
Colour design and personalising your layout and indicatorsHi everyone, This post is not about trading, it's about colour design and why you should consider it for your trading layout (so ignore all the indicators, they're just to show you how things can be coloured). Just to clarify, as I'm Scottish, I'm using "colour" but it is "color" on TV code etc. TradingView gives almost unprecedented access to us, its users, as we can write code and colour our indicators (and more) to our heart's desire. So why not take advantage of that freedom and colour your trading setup in a visually appealing way? I've seen a lot of indicators and many that have one or two colours working well, but then they need a fourth colour start going with a completely different palette that just makes it all a bit sore on the eyes. But hey! Aren't we here to earn money, why should I care how my indicator/setup looks? This is a perfectly reasonable attitude and yeah, this is you, this post probably isn't going to useful producing aesthetically pleasing indicators is not high on everyone's list - just as people don't always notice bad chord progression in music, colours don't impact everyone the same way. Some basic rules I try and follow: the colours should complement one another they complement the colour of the background I should be able to clearly see all the indicators/oscillators and what not, without getting confused by the colours, OR I should immediately be able to tell if the indicators/oscillators are suggesting buy, sell or neutral the less colours you can (sensibly) use, the better (but make sure you can understand the indicator) shades of a colour often work better than a completely different colour brighter doesn't always mean better The preprogrammed (and industry standard) versions of colours available(e.g. plain Red, Blue, Green, etc.) are not my favourites, but luckily now there are now many good sites that allow you create your own colour palette - just search "create colour palette". Once I have a site, I start by picking three colours to represent: the Bulls (buying signals, positive, rising, increasing, etc.) the Bears (selling signals, negative, falling, decreasing, etc.) Neutral (zero lines, figures or lines that lie in between user determined Buy and Sell levels, etc.) Start with the Bulls colour, lock it in, and then the generator should find complementary colours for the Bears (lock it in) and then Neutral. For me, these are usualy close cousins of the archetypal green, red and yellow, but it's important to choose a colour you like - you're going to be seeing a lot of it. Then I will use the colour generator to find different shades of the main colours, as well as other complimentary colours, so that I have enough to form a colour wheel, or at least a scale of colour. I will then create a script with these colours in it, so that they are handy for copy-pasting, and I won't lose them. The website should give you the HEX code for your colours as well as the RGB code. If you are not coding, and just want to change the colours of your indicators through the "Style " tab, click on the colour you want to change, then on the + symbol, then add the colour in by copy and pasting their HEX code, and finish by clicking Add. Although a bit time consuming, if I am going ahead with a new palette I will add them all in one go. When it comes to coding a script, I assign the colours to bullCol, bearCol, neutCol etc., and direct any colour calling to these variables. This allows you to easily change one colour and have it impact all the places you've used it throughout the script, much easier than rather than having to find and replace "(#16FF72, 0)" ten times in a script. The Candlesticks/Bars I've read somewhere that having Red as a negative candlestick is actually detrimental to the mindset of the trader on a subconscious level (after all, we associate red with danger and alerts), so I try and have my candles as different colours altogether. But it is important that they are in the same family of colours as my indicators, so I have usually started with the important indicator colours and then gone back and edited the candlesticks to complementing colours. If you have created a colour wheel (or have around eight colours to use, not including shades) you may find two of these work best for your candle colours. Finally, I would say, experiment! I have had three main colour palettes, and some have worked better than others! (you can see the worst of mine on my Jurik MACD script) The key is finding those three colours that you really like, to represent the Bulls, Bears and neutral, and then using the generators and some commons sense, it all comes together. And that's it, really. It makes such a difference for me, seeing my layout on desktop, browser, phone in my colours and my design. Yes, it is all dressing and won't necessarily help you make the right decisions or more money, but it worth considering. Good luck! If anyone wants any help with colours, just send me a message.
AMEX:USOEducation
by NelsonM1984
4
Bullish Triangle on Oil ETFCrude oil has been one of the strongest assets in 2022 as economies reopen and war drives up energy prices. This chart of the U.S. Oil Fund highlights the series of higher lows since mid-March. Prices have remained trapped below roughly $82 during this period, but closed above the level on Monday. Will that potential breakout draw buyers from the sidelines? Second, the 50-day simple moving average (SMA) has provided support as prices consolidated. That may suggest the longer-term uptrend remains in effect. Third, MACD is turning positive after falling for the last two months. Finally, energy stocks have remained the strongest sector this year. That could reflect underlying confidence in the underlying product. TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more. Important Information TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means. This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates. Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com .
AMEX:USO
by TradeStation
RectangleUSO appears to be trading in a Rectangle Top. This pattern is neutral until a trendline is broken with a confirmed trend in that direction. Possible targets for a break to the upside in white over price. Possible targets to the downside in orange type below price. No recommendation The investment seeks the daily changes in percentage terms of its shares’ per share NAV to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of a specified short-term futures contract on light, sweet crude oil called the “Benchmark Oil Futures Contract,” plus interest earned on USO’s collateral holdings, less USO’s expenses. USO invests primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels. Benchmark: WTI Light Sweet Crude Oil PR USD
AMEX:USO
by lauralea
USO: Bullish Wedge UpdateNothing has really changed fundamentally in crude oil; the technical picture has been updated to a wedge to reflect the recent price action. Trade remains constructive. Buying the bottom of the range and collecting positive carry. Demand for end products remains high and will be supportive. Prior thesis: I think structurally (fundamentally) crude oil needs another 25% leg up anyway to be fairly priced (assuming conflict remains but doesn't escalate, and producers don't go back online). 1) The short term news of 1 million released daily from the SPR is nothing (versus the 20 million we consume daily). 2) We are also entering spring /summer/fall where oil is more heavily consumed; on top of an end of COVID lock downs (doesn't seem like we will be doing that anymore even in blue states). 3) With high inflation (houses and physical goods) I can see consumer preferences change from stuff to experiences, ie traveling. Even oil is relatively high to its spot price, inflation adjusted its significantly lower than its last peak - there is probably another spike left to go up. I think the risk-reward is worth it to buy at the bottom of this channel before we continue heading higher to at least PT of ~96. A position is merited here to be added on the upward breakout if supported by a strong volume bar. I think the downside argument could be made that instead of a pennant this is a longer-term (beginning of) distribution pattern, evident by a selling climax. However, if that's the case USO will have some support by the current positive carry of crude oil giving some positive return (or cushion to ~3-4% monthly) while consolidating in the range. If discovered there is a longer term distribution pattern on the way - I can probably exit at flat.
AMEX:USOLong
by quantitativetendies
USO: StairwalkerUSO has planned a tough workout on the stairwalker. After finishing wave iii in turquoise in the upper turquoise zone between $76.92 and $75.60, it should move upwards to complete wave iv in turquoise. Then, USO should drop into the lower turquoise zone between $73.45 and $72.12 to end waves v in turquoise and 1 in green. Following another countermovement into the green zone between $77.71 and $81.57, where wave 2 in green should end, USO should fall below the support at $67.68 and the one at $62.92. There, it should enter the yellow zone between $60.18 and $43.48 to finish waves 3 in green, c in orange and (2) in yellow.
AMEX:USO
by MarketIntel
United States Oil FundNo clue how I found this chart, however, with looming concerns on various market, political and world disaster fronts - commodities, specifically OIL has been a major topic. I still have to do some research on what this fund actually represents, however, I know for a fact it is at a key price point technically. TECHNICALS Widening downward cone At diagonal + horizontal resistance Fundamental factors could flip this level into support RED trendline is a long term TL that has served as a sort of mean reversion point since the beginning of this fund. With price now on the right side of this line, this could be bullish when paired with everything else. BELOW: Long term charts on the WEEKLY and MONTHLY timeframes. Also something that should be noted - This security is also listed on FTX as a synthetic stock token. Previous analyses related to OIL linked below.
AMEX:USO
by N0ST0PL0SS
USO: Bullish PennantThis is a lower conviction play as the one can argue that the pennant did not enter a consolidation and is part of the continued upward trend however, I would argue that since pennants are continuation patterns with representing a "brief" consolidation, magnitude of the entry (into the pattern) should not matter. But entering from the bottom, we saw some profit taking on the first spike up (that formed the height of the pennant and we will probably see some reloading through out the pattern. In crude oil futures, we saw a lot of profit taking by speculators at the top of this range (as by COT). I think structurally (fundamentally) crude oil needs another 25% leg up anyway to be fairly priced (assuming conflict remains but doesn't escalate, and producers don't go back online). 1) The short term news of 1 million released daily from the SPR is nothing (versus the 20 million we consume daily). 2) We are also entering spring/summer/fall where oil is more heavily consumed; on top of an end of COVID lock downs (doesn't seem like we will be doing that anymore even in blue states). 3) With high inflation (houses and physical goods) I can see consumer preferences change from stuff to experiences, ie traveling. Even oil is relatively high to its spot price, inflation adjusted its significantly lower than its last peak - there is probably another spike left to go up. I think the risk-reward is worth it to buy at the bottom of this channel before we continue heading higher to at least PT of ~96. A position is merited here to be added on the upward breakout if supported by a strong volume bar. I think the downside argument could be made that instead of a pennant this is a longer-term (beginning of) distribution pattern, evident by a selling climax. However, if that's the case USO will have some support by the current positive carry of crude oil giving some positive return (or cushion to ~3-4% monthly) while consolidating in the range. If discovered there is a longer term distribution pattern on the way - I can probably exit at flat.
AMEX:USOLong
by quantitativetendies
2
United States Oil Fund (USA: $USO) Is Still Mega-Bullish! 🔥The United States Oil Fund® LP (USO) is an exchange-traded security whose shares may be purchased and sold on the NYSE Arca. USO’s investment objective is for the daily changes, in percentage terms, of its shares’ net asset value (NAV) to reflect the daily changes, in percentage terms, of the spot price of light sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the Benchmark Oil Futures Contract. Specifically, USO seeks for the average daily percentage change in USO’s net asset value, for any period of 30 successive valuation days, to be within plus/minus 10% of the average daily percentage change in the price of the Benchmark Oil Futures Contract over the same period.
AMEX:USOLong
by Bullishcharts
1
USO: Island Hopping 🏝 Summer is approaching slowly but surely, and some might start to arrange their next holiday. Meanwhile, USO is already heading south and has a bit of island hopping planned. The first stop should be in the green zone between $68.62 and $66.43, where USO should finish wave 3 in green – and maybe drink a cocktail or two. Then, it should draw some breath in a short countermovement to complete wave 4 in green. Afterwards, the next green island between $62.86 and $60.67 is waiting, where USO should conclude wave 5 in green, wave c in orange and wave in magenta. Following another countermovement in wave in magenta, USO should finally reach the warm beach strip between $60.18 and $43.48 to finish wave in magenta and wave (2) in yellow and to catch some rays.
AMEX:USOShort
by MarketIntel
Oil ETF Makes a Lower HighThe U.S. Oil Fund ETF has been ripping since December. But now it may be showing signs of fatigue. The main pattern on today’s chart is the lower high on March 23 versus March 8. That could suggest prices are entering a longer period of consolidation – possibly with an ABC correction resolving below the March 16 low of $67.73. Next is the high-volume spinning top earlier this month. That’s a potential reversal candle. Third, the equity market is giving some potential warning signs because the SPDR Energy ETF has started lagging the S&P 500. (This chart features our Smart Relative Strength script.) XLE could be important because it broke out to new highs a full week before USO (January 5 versus January 12). Its underperformance now is also potentially bearish: Finally, the news cycle may be less positive for oil as China battles coronavirus and diplomats seek an end to the Ukraine conflict. OPEC+ is expected to stick with a small production increase on Thursday, which is bullish. Will traders “sell the news” after the event? TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more. Important Information TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means. This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates. Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com .
AMEX:USO
by TradeStation
1