Oil..I am still long...A bit of backwarsation in CL1 and CL2 and some market too'ing and fro'ing but where growth is, there's demand for energy.
US dollar still short so there is a purchasing power element here.
USO trade ideas
$USO Triangle Coming to a Head as Oil Correct Bull TrendUSO is narrowing in an unusually tight consolidation in a normally highly volatile market. Something has to give. Oil is pinched between supply constriction and concerns about demand. But the trend remains to the upside.
Watch for a shakeout to bust support followed by a trailing bid oppty.
USO incoming 47.540 dollar well supported at 50ema and double bottom formation. Trend continuation. Next resistance level is 48 and then 50.
Price bounces off the 50 ema too in the weekly chart. Bullish setup
USO..not the best oil trade but I stay long!I am still long oil with around 125% return on my position.
The oil WTI futures Backwardated previously; now Contango indicating a normal growth market.
I expect additional returns on a growth path. No hyper inflation.
The "Green new deal' not affecting exports and world demand as economies re-open.
I wil get into higher beta trades with oil's pick-up but keep Keep an eye on OPEC but with a short dollar I expect upward pressure.
$USO Dips as Oil Coils Up into OPECUSO is pulling back, with key confluence support potentially in play in the $39 area as the oil market braces for a major OPEC+ decision later this week.
Oil fueling the way to summerWith Oil (gas prices) on the rise and the recent winter storms in Texas slowing production, a long with announcements that demand for oil is increasing; USO turned green on on the last hour of trading. Entered a 41/40 PCS for 0.23 3 DTE below the daily low. AMEX:USO
Higher Oil Prices are on the HorizonThe bottom is in on oil and with the US cutting back supply we have a macro economic scenario where can actually see oil rise to levels we haven't seen in 15 years.
Holding between $38 and $45We are comfortable holding long term USO between $38 and $45 based on current global environment and trading structure. There is a long term trend line that sweeps through at $38 that heads to $39 slowly, very slowly which is easier to take advantage of. Still targeting $45 on the long term that is a safe place to take a position off this trade but continue the uptrend
USO - very bullish on oilAnyone with a brain knows where we are heading.. Take a lesson from Texas. Long here for USO and Oil and gas in general. Especially with a Biden admin. Opposites attract...
Good luck!
USO SHORT?Snow in Texas means oil rigs are frozen. Oil business are taking a hit. On top of the electric car boom!
USO looking for $45With a break of the trend line and confirmation of that break today (Friday Feb 5) we will look for the next level at $45 a share. With pricing in oil going higher and more demand appearing in the market
USO Touching a trend line Breakthrough or PullbackWe are now touching a long term (march 2020) trend line that gives us an upside to this trade. As oil continues to climb above 55 we see this staying in support.
But be careful of a pullback to 33 to retest to the 50 MA
USO - The Breakout No One Is WatchingWith the Saudis taking the initiative to cut their oil supply into the market for the months of February and March, there has been consolidation all of January with a slight breakout which has kinda been under the radar.
Cup and HandleThe 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
If you are afraid of oil, not a good one for you.
Not a recommendation
Bearish Nenstar to send USO down.I will post the targets for bearish nenstar soon. It looks to have completed with excellent fit (ratio wise).
USO - GET READY TO RIDE ON THE UPTRENDUSO, one of O&G sector ETF, has built its wave 1-2 base.
Based on the chart, the ETF is ready to ride on its wave 3 uptrend movements. The price target is to hit around USD$48 - a resistance level which occur back in April 3rd 2020.
Happy trading, and Let's Trae With Passion!
USO Bearish Trade Setup The 4 hour chart on USO is showing a quality bearish trade with heavy resistance into 30-31. Is this (X) wave complete for a move back into 22-224 level? On the Minor time frame, look to execute bearish positions for USO expiring Jan 2021. Trade execution details in video update.
USO Breaking DownUSO looking like it wants to go lower from here. Besides making lower lows, RSI and implied volatility are trending in opposite directions, with vol wanting to go up and RSI looking for new lows.
With ES/BR showing that the s&p500 is going to outpace oil
and XLE looking like garbage over the last few weeks
I am thinking some more pain coming to commodities - specially with the DXY ripping.
Previous USOIL idea:
