Oil Could Slippery Below 46.18 (USO)Traders have a great opportunity for shorts or even a long if 46.18 holds. Either way, that level is in play.
USO trade ideas
$USO oversold with potential bounce comingOil closed its 3rd consecutive day underneath the Buy Sell Band with a hammer candle pattern on almost triple average volume signalling a potential bottom. RSI(7) is also in an oversold state with a 21 handle and the price is 13% below it's 50 day MA. Both the Range Strength(20) and Hurst Exponent(100) are signalling the market is in a ranging mean reversion mode, which makes for a high probability entry signal for a trade back to the 50 day MA.
Nice strong pullback in USO, supporting at ema 200Currently, we are seeing the ema 200 holding strongly. With the new variant detected, we might see further drop if price is unable to clear above 52-54 level in the coming weeks.
The trend is still a strong upward trend. It is a good buy and hold area, but expect volatility in the upcoming few weeks.
USO - 60min inverse trampolines with daily 3/10/16 supportIf you follow Moxie setups, undoubtedly you've noticed a lot more
inverse trampolines showing up these days than regular trampolines.
USO provided two nice 60min inv. tramps. recently. I've highlighted
how one might utilize the 3/10/16 (daily) to "help" support these.
Multiple timeframes are a plus for these (inho). This is but
one approach to consider.
$USO looking to break recent highs...With the inventory draw, projected rising prices, this looks primed for a breakout...
USO: Down Down! ↘️↘️↘️We are expecting a decline of the USO until it reaches regions around $53.08. Here, a turnaround is expected and the price should rise again. In total, we see the market move towards areas above $65.65.
Oilyyyyy!
United States Oil Fund USO 60 - 65See USO potentially setting up for a move up to the 60-65 area. might add some in this micro correction, but more looking for the breakout over 51.25 as my buy signal.
more bearish under 48
not financial advice
USO: Bearish Formation! 🐻🐻🐻We still have plenty of room left on the downside within the USO chart. Our expectation centers around the assumption that the price will drop to around $41.29, before taking off and pushing towards $59. However, we need the price to stay above $39.27.
Happy weekend!
USO - bearish double topOPEC + just agreed to increase output until 2022, Gasoline stockpiles build up more than expected EIA report July 13. Look for bear flag to form on 4 hour. PT .618 Fib level or 47.75. August - Usually refiners shutdown and that means build up of inventory. The only bullish case I see, if there are major hurricanes knocking out supply in Gulf of Mexico. I am in 8/20 $48 puts at 1.5, current 4000 OI. Good Luck this week!
USO: TurmOIL!🪔🪔🪔The discussions at the tables at the OPEC+ conference do not end, and it shows. We expect the course to drop for quite a bit now. In total, the correction should end somewhere between $41.29 and $39.27, before new bullish runs set in. Once that happens, prices above $59.35 will be targeted.
Let’s go Bears!
USO $52 Support By AugustOil will continue to rise in price. As such, USO will rise as well. On 7/9/21 USO was able to close above the short term downtrend. Right now this is signalling a breakout for anything above $51 next week. Volatility will probably increase, but given the current trend, RSI and MACD, there should be a steady gain over the coming weeks as we near August.
USO: Waiting for the next entry! 🤠🤠🤠From the current level, we expect the USO to fall all the way down to prices around $40.56. Once in this region, the next bullish run should bring us close to $60. However, with the bullish price development of the oil market, there is a 45% chance of an early bullish breakout.
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$USO Set for Fresh Insights as OPEC+ and Delta Meet on ThursdayOil has seen quite a bull trend over the past year. But one might suggest it could see more if policymakers are unwilling to ramp production given the specter of Delta Variant lockdowns that may never appear. We may find out more when OPEC+ meets later this week.
Wyckoff Distribution - USO US Oil (S3)Idea for USO (S3):
- Wyckoff Distribution mapped.
- Wave frequencies synced.
- EURUSD drops... USO will follow.
- Cause and Effect Objective met.
- Law of Effort: Exhaustion gaps being formed, clear distribution pattern, negative divergences and losing the momentum.
- Speculate that the Cause and Accumulation was relatively short in this case, as Oil went negative - Operators had little time to accumulate, but had to take the opportunity during overwhelming demand.
- Currently in UTAD. Sell-off, SOW > Capitulation soon.
- Good time to enter with moderately bearish position.
GLHF
- DPT
It's not over until the 'Fat Lady' sings!I am still long oil.
Mixed messages - but I don't have a sell signal, and I don't have indication of a market sell off as indicated by my crash monitor.
There are offsetting data:
inventory builds
OPEC output volume increases
Re-opening economies (impact from general wage growth)
Potential upside from the US infrastructure Bill
Increased in gasoline prices (offset by supply builds)
Rig counts
USO Rising WedgeKeep your eye on USO
1D MACD indicates either direction can occur in the short term. Energy sector has potential to pump in June.
RSI also has room to run higher.
If there is consolidation it should find support on the WHITE support line
$50 appears to be in play but PT is the BLUE upper trend line.
Rising wedges are bearish once broken, USO still appears to have more to go.
Staying long USODaily says pull back coming
still nice higher lows higher highs
This will take off be patient
Weekly looks great stoch heading up
making higher lows
Long at 43.30
supprt 43.84
Resistance 45.02
USO Long UpdateStaying long @ 43.30 Daily chart green arrow
Daily chart higher lows higher highs
daily over bought, so can drop
But look to the left Feb see how that stoch stayed at top
and stock went higher. That another thought
Weekly telling me stay long with a trailing stop
Weekly has higher lows.
Support 44
Resistance 45.29
USO: Pump up the Jam! ⛽⛽⛽Guys, fill up your tanks before the upcoming run, as we expect the USO to rise in the long run! However, in our primary scenario, we should see a correction down to around $35.41, given that the price is not breaking out above $44.64. This breakout has a high probability of 40%. So, it remains exciting to see whether the USO is taking the long road or is trying to take a shortcut.
What shall we look at next?
USOStaying long
weekly stock look great
higher lows
As stuff opens up they gonna need oil
airlines trucks etc.
long 43.30 trailing it
